The E70 has a two stage sensor, unlike the E53 and older BMWs. The first trip wire is used to calibrate the life remaining calculation, and the second trip wire is used to signal that the pads are worn out and it is time to replace them. If you are through the first trip wire, you won't be able to reset it.
There are lots of threads when you search. Here is one:
http://www.xoutpost.com/bmw-sav-foru...x5-brakes.html
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2007 X3 3.0si, 6 MT, Premium, White
Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue
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