Same problem here too; trying to pair my Blackberry7100 with 4.8iS and the phone did recognize the vehicle (BMW82136 shown code on the mobile phone), but the X5's screen is stuck on "Please Wait" and that is it. Gave up and took it for early Saturday drive. I will play more with buttons tomorrow and that PK(passkey code) and R/T buttons should work their wonders, hopefully.
Any input would be appreciated

Had all sorts if problems paring new Phone with B/T. Came across a post in here suggesting re & re of 15A fuse ( panel right side luggage compartment ). Guess this resets system as phone paired and runs great.
Worth a try

I have a 05 4.8is as well. With both phones I've had (Palm Treo 700w and now Samsung Omnia) after the initial pairing and entering the key, the phones only sometimes automatically connect as soon as I start the vehicle. If it does not and sticks on "please wait" I toggle on and off the Bluetooth on the phone. I'll switch it off then right back on, and sit for a few seconds to see it if loads up. If it does not, turn off BT then back on again. It eventually loads the phonebook and everything works great. I'm not really sure if it is just a phone manufacturer issue or what, but it's always been like that for both phones, none of which have been listed by BMW as being "compatible". It kind of sucks not being able to just have it load automatically every time, but a good enough fix until I can find another. My 4.8is has the TCU with BT/Assist combo, not sure what yours has. Hope this helps!