I've been considering this since I have a 2004 Steptronic. But guess what? It's not covered! All of the big ticket items are excluded. It basically covers brakes and wiper blades...
http://www.bmwusa.com/Owners/Owners_Benefits/Warranty.htm
Excerpts:
Your Maintenance Program upgrade covers all factory-recommended maintenance as listed in the BMW Service and Warranty Information booklet. It also includes the replacement of items that are not covered by the BMW Limited Warranty – such as brake pads, brake rotors, wiper blade inserts – when wear and tear exceeds BMW specifications. Any adjustments required due to normal operating conditions are also included.
Disclaimer
BMW Maintenance 6/100 –
Exclusions: BMW Maintenance Program provides the vehicle with certain MAINTENANCE coverage for the new (or qualified pre-owned) BMW Vehicle. There are components or parts on any vehicle that are subject to gradual deterioration or normal wear and tear as the result of driving habits, conditions or use of the vehicle. Therefore, coverage for items such as (but not limited to) piston rings, valves and valve guides, suspension bushings, ball joints, tire rod ends, drive shaft flex discs (guibo joint) and other parts and/or components are not covered by the BMW Maintenance Program. Also excluded from coverage are items such as (but not limited to):
engine, transmission, and body adjustments: all batteries (except remote transmitter batteries replaced as part of a recommended service);
suspension dampers (shock absorber/strut elements); all hoses; exhaust systems (including catalytic converters); paint; glass; headlamps; bulbs; mirrors; lenses; body and chassis; body seals and gaskets; moldings/trim (including chrome) and fasteners; convertible top (covering, all components including electronics); air, water, oil, or fluid leaks; wind or body noises; tires and wheels; tire balance and rotation; wheel alignment; gasoline and gasoline additive, windshield washer additive (except when in conjunction with scheduled maintenance), wear and tear of soft trim items, such as: interior and exterior trim, seats, upholstery, headliner, carpeting, floor and trunk mats, door panels; Items reimbursable under your Original New Vehicle Limited Warranty (if applicable); damage due to poor fuel quality, abuse, misuse, neglect, alteration, fire, accident, flood or other water damage, explosion, improper repair or negligence, altered or unreadable Vehicle Identification Number or odometer irregularities, maintenance or repairs after the vehicle is deemed a total loss, maintenance or repairs performed by other than an Authorized BMW center within the United States or Puerto Rico, vehicles used in competitive events,
oil changes or other maintenance performed outside the recommended maintenance intervals as indicated by the Service Interval Indicator.