the alarm on my 97 528 is ultra sensitive as well.. I did nail it down to one thing though... .my Blackberry...if I am standing right next to my car, or if I leave my phone in my car, and I get an email or a phone call it will set the alarm off every time! It has gone off for no apparent reason though, a few times.
I guess I would rather have a sensitive alarm than one that didnt go off when it is supposed to..