To find out I did the usual key in position 1 or 2, wait for idrive to boot on the main menu hold down idrive button for 8-10 secs, 3 clicks to the right, 1 right, 1 left, 1 right, and then press the idrive and it will bring up a red button to press. The first menu option will show the same screen i posted.
As for what i can do now and speed: Still can't play MP3s, i think it's the drive is too old (model year 2004, prod date 12/03). It is a bit slower to boot, however once your in it's faster and has more features than I had before (i.e. POI in nav, RDS, better sticky menu/buttons).
I like it better overall as they upgraded the entire system software. So it shifts better from a stop or rolling stop and seems to perform a bit better.