quick update:
Got the battery load tested and it checked out 100% according to the tester at Autozone. ...So now i have a brand new alternator and a confirmed good BMW battery. At this point, I am planning on changing out the ignition switch next and really hoping that takes care of the problem. I'm thinking that since I have been having intermittent 'no starter engage' issues and these strange electrical system warnings that this might be a good next step. Plus, there was a reply to a post of mine on another forum in which another X5 owner was experiencing similar symptoms to mine that were cured with a new ignition switch. If any of you have any other ideas I'm all ears.
This is quite frustrating.
Thanks-