I don't like it. I don't necessarily buy the pedestrian law excuse. Audi's new front end, just released this year, doesn't have the hood line. Some say Audi can get a way with it because of their high hood level. But I don't buy that excuse either because.....Volkswagen's Jetta which has a very low hood doesn't have the hood line. Plus, Volkswagen's 2012 Beetle, just released this year, doesn't have a hood line, and that hood design is as about as low as they come. Its metal hood probably goes as low as your knee caps. It's not high at all. Talk about metal to full body contact.
The hood line is there probably because BMW designers think it's cool and didn't want to be left out of the whole retro movement. Unfortunately they picked the one of the absolute worst design features to come out of the 1960's. They didn't even bother giving the hood line an arc or curve to blend with the rest of the car. Instead, they used a perfectly straight ruler to draw it and made it look like it doesn't belong there. It looks like an afterthought, IMO. There are better hood lines out there. This just isn't one of them.