An inspection II is usually around 60k miles. If you go the full distance between oil changes, its usually combined with the 4th or 5th change. Do a search, there is a list somewhere of all the items checked and or replaced.
Basically, a lookover of the entire car needs to be done. I replaced belts, plugs, fluids, etc. It is more of a routine maintence check but when done at the dealer can add up to around $1500-$2000 I beleive. There are a lot of posts on this if you run a search and the writeup is located in the BMW owners circle on www.bmwusa.com . Hope this helps.