John - having lost the splined keys for both our X1 and 328, I can say there's more like 20+ combinations of keys. Thompson BMW had to come out to the car with a little plastic compartment kit and try every key on my car. There were 2 kits he had, so I want to say the key combination is decently significant. That's not to say that a thief doesn't spend the $500 - 800 buying all the keys. Also FWIW my X1 and 328, though the locks look very, very similar, have different keys.
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2015 BSM 328i Sport Line - BSM
2015 BSM X1 M Sport - BSM
1992 525i
1987 325e
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