That sucks, but it's amazing because it JUST happened to me as well.
We're driving along in our '07 E91 6sp with cruise control engaged at 70 MPH, and all of a sudden I hear a boing and the Brake, ABS, DSC and ABS Service indicators light up all and cruise control disengages. Kind of freaky but the car still drives, and the lights turned on and off a few times and then remained on for the rest of the drive home.
My wife snapped this:
The car has <40,000 miles on it, and luckily I did buy the extended "Gold" warranty from BMW for it. Ugh.