Just did my first oil change with a vacuum pump, took me about 30min including filter. You remove the dipstick, insert the dipstick tube to the bottom of the oil pan, give the handle a few strokes to build vacuum, and just watch the reservoir fill up with used oil. Sucked my oil pan dry, filled to the top at just under 7QT.
If you're still using ramps and wrenching drain plugs, or using the dealer for oil changes, a pump saves you considerable time and effort or time and $$, depending on your chosen method. And in the case of using a dealer, no more worries about too much, too little or what oil they used.
For cars with no access to the filter topside, the pump is of marginal value because you still have to get under the car to change the filter. I'd have to empty it twice to do an oil change for my Ford 7.3L Powerstroke and I can get under my Jeep without ramps, so no real utility there.
But in the case of the E39 M, I didn't even have to change my clothes.
Very cool gadget. Mine is from Griot's, 6.8QT capacity, but would guess they are relatively generic items. Best thing is I never have to visit a dealer again for a routine oil change.