i assume your talking about inspection 2, which is technically suppose to be done around the 80,000 mile mark, however im sure it would be ok. in terms of cost, its quite expensive, mainly its due to labor parts are relatilvely reasonable, but because inspects take quite a while , the bill is gonna be quite a pretty penny, (cant specify a price because it varies and also im canadian) if your somewhat mechanically inclined id look into taking care of the majority of the items on the list and get the mechanics to deal with the rest ...
heres a link to whats to be done
http://www.bimmerwerkz.com/forum/ind...showtopic=6196