Hey, I just ordered the Euro version of the center console armrest from Pacific BMW, for $300. It rocks! It doesn't have that annoying plastic indent on top that collects dust; it's smooth leather across the entire top. Plus, it lifts up to reveal a rather nice extra storage bin! Not quite large enough to hold CDs, but larger than the other center console storage area (the one with the sliding cover).
Incredibly easy upgrade, full instructions and part numbers are on www.bmwtips.com. Took me about 15 minutes to install.
Highly recommend this gratuitious upgrade, if spending $300 on it doesn't seem like too much to you. Easy, handy, and cool looking. If you have a 2000, like I do, go ahead and replace the crappy rear cupholder unit with the little storage nook later models have, while you're at it (a $7 part).
Nope, I don't think it's compatible with having a phone in the center console. Maybe BMW though US owners would complain too much about losing the storage space when they added a phone, so they just put the phone-compatible armrest in all US 5ers.
Here's the part #'s I got (black leather):
51-16-2-427-367 (center console armrest + storage tray, cost about $300)
51 168 159 701 (replacement nook for rear cupholders, cost about $7)
Part #'s for other interior colors, and pics, as well as several install guides, are at www.bmwtips.com.
I did that armrest change first thing, I hate phones in armrests. I havent gotten around to the new phone yet, too busy, but I need it soon. Any especially cool phone placements anybody wants to share for the new phone setup? Also take out the ashtray by the shifter and replace it with a coin tray. Both armrest and cointray are BMW parts you can order from your dealer.