Got the Lightning to 30-pin adapter which is better than just the Lightning adapter, cuz now joined with the Y-cable it's long enough to come out of the arm rest. And it recognized my tracks and playlists too. I can now use iDrive and wheel controls to select tracks.
What it doesn't do is allow me to change rdio/spotify tracks through iDrive/wheel (i can do this in my girl's fiat, so i assumed it would work in the bmw too...i guess not). Maybe a BMW update in the future will fix it. Something tells me this won't current work on older iphones either. Will check with my iPhone 4 later.
I can now charge my iPhone 5 and play music through it at the same time without the clutter of two long cables coming out of the arm rest. Now it's just one small cable coming out.
So, this is fairly satisfying to me I suppose.