Faults:

Few minor sensors such as O2 sensors ($180 for both), camshaft position sensor ($70) and Final Stage Unit, a common one to die on these cars, but cheap and really easy to replace ($80).

And very randomly a Xenon bulb died (rare indeed as these last forever).

So as you can see, it's all minor sensors that even need costly trips to the dealer for service.

General Comments:

LOVE IT! Even after more than 1 year driving it, I still can't get enough. It corners better than most sports cars, despite being a 3500+ lbs sedan. Comfort and interior ergonomics are top notch.

Faults:

Valve gaskets were replaced, cup holders are broken (they are useless anyways), light-bulb socket is lose in the trunk, drive belts replaced and a preventive cooling system over-haul is about to be performed.

General Comments:

This car drives like your best car fantasy.

The 0-60 time is 5.5 seconds... very nice for a 'family' sedan.

Passing power on the highway feels like your driving a sports car.

The seats hug your body through every turn.

Now the negatives...

Interior styling is slightly dated.

High up-keep costs.

You will need a new cooling system every 60k you drive.

If you drive it like it is meant to be driven you will go through your 19+ gallon gas tank fairly quick...11-15mpg.

All set and done I couldn't enjoy this car more. I look forward to driving it everyday!

Faults:

The ABS and Traction Control sensors went on/off causing the speedometer and the fuel consumption meter not to function. Although the ABS and Traction were fully functional: fixed by dealer at no charge (would have cost me at least $600 CAN to have them replaced)

Nothing Wrong for 90000 km.

Now at 116000 the Trunk lid Open sensor has become faulty, but it doesn't concern me, it just pops up every time I turn the car on and leaves after 10 seconds.

Phone was stolen, cannot find it anywhere, not even Ebay, BMW says the phone is discontinued and they don't have it anymore which is kind of weird!

General Comments:

The car drives like a dream, it accelerates so quickly that my friend who owns a 330CI decided not to race me with his car. It reaches high speeds ridiculously easily, I topped 280 kph (174 mph) the car could have gone faster, but I was just worried cops might catch me going 160 kph over the speed limit.

The stereo is Superb, I especially enjoy the Concert feature on it which gives the sound a slight echo with its 13 speakers!

The seats could have been more comfortable though and the shocks are slightly stiff, but that just adds to the driving pleasures.

You might ask then whats bad about the car? Fuel consumption. 540i kills me at gas station, especially these days when premium gas is a $1.35 in Toronto. I've learned some driving tricks to keep the consumption a bit lower, but I still average out about 15 l/100 km which is only 15 miles to the gallon, but that's the price I pay for 300 horses, and I'm used to it having owned a Lincoln Navigator right before this.

All and all a very well designed, high performance, luxury, gas guzzler.