Only 600 miles on the car so far. I'll report further as I pass break-in and get some more miles on it. So far:

Wow! I can't believe how well this car handles! While I did not have an e53 (4.4), I did have a good amount of seat time in it though. The new e70 is an absolute joy to drive, the harder you push it the more impressed it handles. There is very little understeer, but a lot of that may be attributed to the sport package (and dynamic drive) with the 275 front tires. Turn-in is very direct, with a good weight and feel to it. I don't have the active steering and I'm glad I didn't get it. And all this coming from someone who has had most recently an e60 M5 and currently a heavily modded e46 M3.

The suspension is a little stiff, but not even close to my M3. It's what I would expect for a car that handles this well and riding on 20" wheels and tires. The transmission shifts very quickly and smoothly, but I find that in DS mode, it tends to hunt for the correct gear when I get on it a bit. Maybe it's still adapting to my driving style, so I'll give it a little time before making final judgment.

There are only a couple of nitpicks, things that I would like to see improved. First is that I do have the HUD, and while it is fantastic to have the speed, I would also like to have the current gear selection on it as well. I was used to the M5, which displayed the gear in the HUD, and I missed it when I would go into the manual mode on the X5. The second is I would also like to have paddles on the steering wheel. While I understand that most of the customers will not miss them or even want them, I like not having to remove my hands from the steering wheel to shift. I would imagine that most people use the manual mode when driving somewhat more aggressively, and it would make sense that that would be the best time to keep their hands on the steering wheel. Lastly, I would like to assign the nav map screen to one of the presets, instead of having to assign a destination. Even the phonebook screen can't be assigned to one of the buttons, it has to be a specific phonebook entry.

I may tackle that second nitpick myself, and not wait for BMW to come with anything. From what I understand, most of the newer BMWs have a universal toothed steering column and slip ring. I am going to try using the steering wheel from the e60 M5, which has paddles and is a little thicker. I just need to find out whether the buttons will work between the two wheels, even if they have different symbols. And I need to find an airbag as well. (expensive $$)

But so far, I'm loving every mile of it. It's just too easy to put miles on the car, which is good and bad. I hope to report back in a couple of months, after I've had a good deal of time in the car.

btw, I've got:
Space Gray 4.8
Sport w/ 20" wheels, Technology, Premium, Rear Climate, Cold Weather packages.

This was a post that I have been asked to add to this thread, not a re-post.

I have determined that the best way to describe owning my X5 to people who ask is that it is like having a smoking hot girlfriend that you just cant tame and know probably isn't the right girl for you on certain levels. You highly desire both, they are completely sexy and amazingly fun to be with when they are cooperating with you. However, both will totally break your heart. Yet you willingly take her back every single time knowing full well she is going to break your heart again because a few good months far outweigh the bad times.

I have had more than a few issues with my X5 in my short 14-month ownership period, but I know that when I pick her up from her newest heart breaker (shot fuel pump), she is guaranteed to put a smile on my face before I even make it home and that is precisely why I will forgive her one more time, knowing full well she is going to break my heart again. Well, maybe there is a chance I can tame her this time, right?

Oh, by the way the warranty makes it a lot easier to forgive her. I am not sure how easy it will be to forgive come 14k miles or 01/15/2010. ;)

14-months (20k miles) of ownership and so far I have replaced the alternator, water pump, valley pan gasket, all drive belts, valve cover gaskets, thrust rod bushings and now the fuel pump. Not to mention normal wear and tear like front and rear brake pads/rotors, service inspection II, brake fluid flush and an oil change.

Just a little venting to make myself feel better.