The MID is what gets replaced since it is part of the whole instrument cluster. You should be charged, at the maximum, for 1 hour of labor. The labor charge varies from dealer to dealer, state to state, region to region...you get the idea. Some folks have paid as little as $75 in labor and others as much as $130. I paid $125 in labor...but then my insurance covered that for me!
2001 530i/5 (E39), Topaz Blue/Stone Green/Black (97k miles)
2005 545i/SMG (E60), ED Order, Titanium Grey/Grey (lease transferred...no longer have)