I have bad news...remember when I wrote that I had seen this issue before...well I found the old thread...and when you read thru it you'll see that there were several other BMW owners that did the same thing...and their keys NEVER worked again.
The only solution was the purchase of a new key....here's a direct link (its an e38 forum, but it has the same set-up as the e53):
http://forums.bimmerforums.com/forum...n+battery+died