I'm getting ready to attack this in precisely 700 miles.. I know there's different ways of doing this but here's my plan:
1. Parts - picked up 8 qts plus the filter from the dealer. I just like keeping things OEM because there's no reason not to. Total cost - ~$75 without any discounts. Tischer is a good option, they sell everything you'll need at a good price. I believe their oil change kit with 7 qt of the same oil and filter is priced at $76 shipped free. I don't think a brand name oil from Walmart or Autozone with the filter would be much cheaper. Given the assured quality of parts, especially the filter, I would stay OEM..
The official fill volume is 7 qt but I always let the oil drain overnight and every oil change I've done on a Bimmer I've needed more than the prescribed fill to get the right reading. This is the first car without a dipstick I'm changing oil on, so that should be interesting..
2. Jackstand vs. ramp - I use my Rhino ramps and I get plenty clearance. You should consider picking up a pair, they run around $30 last I checked, and definitely worth it if you plan to work on your car(s) a few times a year. I also picked up a nice 5 gal drain pan with a snout and handles from Lowe's on sale for $2.00 during Black Friday - woo hoo!
3. Special tool - the filter cap uses a 86 mm/16 flute tool. My E46 used a standard metric socket, but this car needs a special tool. Picked a generic one off eBay I came across on this forum:
I just received the tool and it fits fine. I've not really used it, so if you have a couple weeks, I can post a review of the tool (aye/nay)..
Other than that, it should be straightforward. Question for someone more knowledgeable - does this car have an access door in the belly pan for the oil drain plug like the E46s...?