Thanks Keif for a very nice procedure. Unfortunatly it didn't work very well for my 740d. Seems the engine compartment is completely rearranged for my V8 diesel compared to your V8 gasoline engine.
I tried getting to the latches from below on both sides of the car but there was always lots of things blocking my access. I spent 6 hours on saturday trying to remove stuff from below to reach the latches without success.
The reason my hood is stuck is because I decided to charge the battery overnight and placed the small charger just behind the attachment point for the shock absorber on the passenger side of the engine compartment. Then placed the extension cable a little to the right of the passenger side latch and down and out below the kidneys and closed the hood. After that it won't open.
I'm guessing the extension cable is putting pressure between the car frame and the hood so that for some reason the latch won't open.
Pretty much scratching my head now trying to come up with a solution... :-/
Only thing I can think of is to follow your procedure to get to the cable that's connected to the release handle inside the car and just pull it hard with some pliers.
2004 BMW 740d