2011 or 2012 535xi?

Is it worth it to jump on a 2011 deal now or just build out a 2012?

If you can find a 2011 with options you want, probably the better buy; the incentives apply and you are not paying the increased 2012 pricing. The options have been reconfigured for 2012, but likely $2500-$3000 more list price.
Spec out your desired car and build both with the options you want, add applicable incentives and compare. The fact the 2011 is soon to be a year old will affect future value, in my case as a high mile driver, I am typically better off taking advantage of the year end pricing.
If you plan to lease, a different story; you must look at money factors and residuals.

I had a '08 E60 that I bought off the lot and now drive an F10 I ordered.

Given all the choices that BMW offers I can't imagine you'll find EXACTLY what you want, including a color you want.

Maybe for a 3 yr lease getting almost what you want is ok, but if you're in it for the long term, you need to consider how you'll feel if you settle for less than the car desire. I've had my F10 for almost a year, and while I didn't get nearly every option available. I can tell you that as I read discussions about the things I didn't spring for, I don't have any regrets not getting them.

Even if it costs a bit more, it's worth it to get what you want.

However, deciding what you want, exactly-- that's not so easy!

And the wait isn't that easy, either.