I was just reviewing the BMW website to see what features are supported with the I-phone 5and I do not believe that email and text are listed. I paired a friend's I-phone 5 for fun today and I was able to get the phone contacts and music to play via bluetooth. While docked, I was able to get full music searching and Pandora via BMW Apps. When he was talking to Siri, she was coming through the car speakers so I assume if he clicked on an attached WAV then that would have also played through the car speakers.
I would love to hear about any other extended functionality others may be using with the Iphone 5.