just wanted to update this thread... i connected up my trailer to the x5 yesterday and everything works great! the little tow icon shows up on idrive screen when back up camera is turned on, no zoom function for newer X5's (mine is a 2012) but the back up camera view angles are so good that you can easily line up the trailer ball to your trailer, very nice.

yes reverse beeping is turned off, as well as the hatch will not open by pressing button inside the cabin. however, if you are outside of the vehicle and press the remote hatch open with your remote, it will open.

overall the x5 tows like a dream. i had a 2010 Ford F150 prior and towed the same load... i will honestly say that the x5 rivals the truck i had in terms of towing performance. it really is that good. great job BMW