Found this on another board at:

cannot save sirius/xm presets after sirius update - Page 2 - bimmerfest - BMW Forums

Haven't tried it yet as I am out of town for the next two weeks, but will when I get back home... See below...

"Hello everybody,

I had the same problem with the SAT radio in my 2008 E92 M3 after the channel lineup changed on May 4, and also wasted time on the phone with useless customer service and tech support reps at Sirius, but I found the solution by myself and it worked. This is what you have to do:

1) Open the trunk and remove the trunk liner. You'll see two boxes, the one to the left is the SAT radio module. That box has 2 connectors, ONLY DISCONNECT THE BLACK CONNECTOR NOT THE PINK ONE.
2) Turn on the car, press SAT radio. You will not hear any sound, and will see a warning sign in the iDrive displaying "SOS system malfunction". This is ok.
3) Turn off the radio. Go back to the trunk and plug the black connector back on the SAT radio module.
4) Turn on the car and voila!!!! You're presets are back, and you'll be able to store stations on the presets again."

Same here. Reset by themselves with no problems

Seems like 2010/2011 and maybe 2009 don't have the issue. My 08 has the same issue many have complained about (i.e. inability to store a preset, etc). Very frustrating

*** UPDATE ***
 

I was at my dealer today, and saw a Dealer Communication System Message regarding this issue. BMW has acknowledged the problem but does not have a fix yet.

They said the affected vehicles are all BMW models produced before 09/2009 with option 655 (Sirius Satellite Radio). Dealerships have been instructed not to replace any parts or perform a repair attempt.

The issue is caused by Sirius/XM in combination with the SDARS-Exbox (SDARS receiver from Visteon). The SDARS-Exbox is the stand-alone satellite radio receiver (not integrated into the head unit).

Once again, BMW does not yet have a solution.

:banghead::banghead::banghead:

^^ I didn't have the issue, I was able to reprogram my buttons, but they didn't update automatically.

had the same issue with mine - could not reset my presets, called Sirius and used the automated service to re-send the activation signal, then after a short period of driving, i was able to re-program the resets with no problems.

my X is an '08.

Presets or Favorites? I am able to program any of the six preset buttons, but I am unable to store any of my "Favorite" Sirius channels through the iDrive screen. This is the problem that many of us are having.

favorite sirius channels.

I'm going to try resending the activation signal tomorrow and see if it helps. You can do it easily online.
https://care.siriusxm.com/retailrefresh_view.action

I've got an 2009 X5 with NAV and Satellite Radio. I also am unable to reprogram any of my presets or even access and/or use them. This issue seems to be only affecting vehicles with the older NAV system.

Anyway, as of last week the dealer could not help, although they had heard several similiar complaints.

If I had to speculate, and that's exactly what I am doing, I would have to say it has something to do with the decision to drop channel 1 from the lineup. I had channel 1 as my first preset, and it appears the system (preset memory) is searching for a channel that no longer exists; therefore, it just "hangs" (as they say in the computer world).

Ok, so that was my guess.

Anyway, just got a call from Irvine BMW with a report they got a TSB from BMW to address the problem. Well, actually a "work around" TSB. They told me to bring my car in with both keys and a list of the 10 channels I wanted programmed into the radio. It will take about 1.5 hours, but they will reprogram the presets for me.

My next question was, "Will I be able to change them in the future?" They were uncertain.

I will make an appt. later today, get the X5 in this week, and keep you posted on the result.