I believe the LL-04 spec is for diesel, but not certain.
Again, why bother trying aftermarket that may or may not be as good as the BMW spec oil? I get mine from the dealer, with the 10% discount I get for being a BMWCCA member, it works out to about $7.50/quart. If you are set on running 5w-40, the Motul suggested above might be worthwhile, since I don't know if the BMW oil comes in that weight.
A quick glance at the spec sheet for Motul 8100 X-Cess shows it is LL-01 approved, and not "recommended for cars requiring LL-01" or whatever the squishy language the not-really-independently-tested-to-spec oils also mentioned in this thread use. But it looks like it's around $8 a quart, without shipping (not sure what it would be locally, never looked).
Their spec sheet even includes this, which is a clue as to why the LL-01 approval is important:
"The BMW Long Life-01 specification imposes severe constraints to the lubricant particularly due to the Valvetronic system. It covers all BMW engines since 2001 and also all the previous BMW specifications such as BMW LL-98. BMW LL-01 standard covers also all Gasoline engines running only outside European Union countries, Switzerland, Norway and Liechtenstein. Refer to BMW recommendations when in doubt."
2007 E93 N54
Last edited by andrew_b; 11-12-2012 at 10:04 PM.