According to the official BMW Press Release the CD Changer is in the Glove Box, read here:

http://www.bmwusa.com/vehicles/futur...ewx5/press.htm

Innovative options.
Sophisticated navigation and audio systems further enhance the driver’s and passengers’ traveling comfort in the new BMW X5. DVD video systems for the second row of seats, a CD-changer housed in the glove compartment as well as an innovative multi-channel audio system are among the highlights offered in terms of mobile entertainment. Both the in-dash CD-player as well as the available CD-changer can play MP-3 encoded CDs. Even the standard audio system offers 205-watts with 12 speakers, including two sub-woofers mounted under the front seats. The optional premium sound system features 600 watts of power, Dolby 5.1 surround sound and 16 speakers. Thanks to the AUX-IN socket featured as standard, music from external audio sources such as an MP3 player or iPod may also be played through the audio system.

Please do post the shots of the 4.8i with sports pack - would be interesting to see what M parts they will be sourcing.

Cheers,

Would love to see those pics of the aero-kit.

Its already here