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It's been a month since the original post, but since I just found it, thought I'd share.

I purchased the ELM 5 Scan Tool from ProScan. For about $150 this thing is awesome! If you have a laptop, or can pull your computer down to the garage, this thing will show you all kinds of information. It is easy to navigate, and really kind of fun to use. Not only can you get readings from your O2 sensors (and check if they are properly functioning), you can check mass air flow, RPM, air and coolant temps, throttle position - tons of stuff. You can record while you're driving and play it back to see what your car is doing.

It will display and reset fault codes, but currently does NOT reset Oil Service and Air bag indicators. The owner has indicated that he may add this specific feature in the future, if there is enough interest - and for the same price as a Peake tool, you get so much more. Also, unlike a lot of other programs, software upgrades are free for life!

It also has a Dynometer and a Virtual Dragstrip, not overly accurate because it is based on your vehicle's indicated speed and does computations based on RPM, temps, etc. It is a fun tool, but don't bet on it being perfect.

Check it out: http://myscantool.com/details.html

Disclaimer: I don't work for ProScan, Gore Research, or anything related to cars, computers or software - nor do I know the owners (but they personally reply to questions). I am just a fellow enthusiast looking for more fun stuff to use on the Bimmer!
 
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