Okay, so I have the premium audio and I adjusted the EQ to the settings below. Frankly, at the default, it sounds crappy. Upon a Google search, I found a thread at Bimmerfest where a guy named ElDorado posted his adjustments, but they are flat and start screeching when the volume is up. I decided to fine tune it myself.
The settings I have configured aren't perfect, but it sounds multitudes better, especially when the audio is turned up. Let me know what you guys with premium audio think. Note that I have less than 200 miles of audio burn-in, so it might be better or worse.
I have tested my settings with different songs at a high volume while driving from the following genres: Pop, Alternative, Classical, Rap/R&B, Dubstep/Club non-sense, Korean Pop, Japanese Rock, and Oldies. The settings are very well-rounded although I have not tested it with Sirius/FM.
By the way, standard audio wouldn't suck so bad if they had this in the iDrive menu. Maybe someone can find a way to code it for those who don't have this submenu.