I guess I'm still learning about all the types of codes our BMW's throw off, what does "OBDII" stand for? I think you are right, as long as you are looking to reset the oil and service indicator lights, which has some value in and of itself, and not trying to do your own diagnostics on the SES light, the Peake unit probably is good. The owner of Peake said a Chinese company stole their software and that is what the $103 tool is using (#$@!). If they did hack it, we should all boycott it, we all lose in that game...
It appears / appeared on first read that some of the units in this thread (I paid $154 for the Peake) gave you all the codes including the OBD I and II, tranny, etc and reset your service / oil lights... maybe I'm incorrect on what to expect these tools to do. I do have a notebook so a software solution with a cable is ok for me. Anyways, always learning and I guess, that is part of why I like these cars. Learning and loving to drive them too!