In the rear bumper are those red reflectors or are the actual lights?

Reflectors - you can see the camera flash in the paint.

That's what I thought, though I need to ask someone who gets the LCI in Europe. In the past BMW has used rear reflectors like those for actual lights. The E46 3 series in Europe had such a setup. I wonder if that will be the case with the X5.

I think it's remarkable how ugly that yellow front reflector looks on some colors. BMW went through all the trouble for such a clean look and it seems destroyed by that big dripping egg yolk on the front bumper. Anyone know if it can be replaced with a white reflector?

I do not think BMW will do it unless I am mistaken. It is easy to remove it and paint the reflector to match paint though.

Thanks for the space grey M-sport package pic. Doesnt look to crazy in the pic. Maybe looks better in person or without the m-sports package?

2011 Facelift X5: Official Thread with Pics & Press release and M-sport pics
 

Without the ugly yellow reflector.


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The side yellow reflectors are a requirement to pass annual state inspection here in MA although the ugly part is optional.

Pics of my 2011 X5 50i in Deep Sea Blue Metallic with 20" 215's (Replicas). This is a Canadian X5.

Beautiful color. Did you add spacers with those wheels?
Your X needs a drop to go with that wheel setup.