Peeling Steering Wheel
 

As you can see in the pic below (if you look carefully at the corners) my steering wheel is peeling, but unlike some others who've seen white underneath (at least some w/ 4.8's I've read about during searches), mine is black. Has anyone just completely peeled off the coating and left it? I was thinking about doing that, or taking it off, sanding it and spraying it and then reinstalling it so it hopefully wouldn't have the same repeat problem that others have experienced. I was thinking that route would cost me about $5 in spray as opposed to the cost to replace it one or more times. Anyone seen/done what I am considering or have any thoughts? TIA.
Any no, I don't want to put an M wheel in.;)

Just order a new one and replace it. I'm not mechanically inclinded and did it in 10 minutes with a screwdriver...I think if you're under warranty they'll replace it for free.

It's P/N:32306778412 if you want to replace it OEM.

If you want to remove the trim piece you have to remove the airbag and then there are about 5 torx screws you have to remove.

Check this out. X555a did this, removed the trim piece, sanded it down, sprayed it and then lacquered it.

BMW X5 • View topic - replacing steering wheel trim e53

Also see thread about removing trim piece:
http://www.xoutpost.com/x5-e53-forum/...ing-wheel.html

The reason your's is black underneath is that you have the new and improved one. They 'improved' the part during the production cycle and either you got it as original on your X5 or someone already had it replaced with this new one. Anyway, they reportedly hold up better for longer, but it is clearly still happening. It looks a hell of a lot worse with white plastic showing under I'll tell you that!

I'am having this piece replaced this week.
I bought the part at the dealership for 70$ and my friend who works at BMW is going to do it for me at his garage.