Once you take the top off, you can see the FFCs, the flat flexible cables. The pinkish lines running in the cables are actually the copper or whatever they use as conductors these days. If you count the pink stripes you can see that in this slip ring, each FFC has 6 connections.
You can also see the metal pins that are the connectors for the plugs in the steering wheel and airbag, at 3 o'clock in pic 1 and 2. The steering wheel presses against the top of the slip ring and these connectors fit right into a hole in the steering wheel, so that you can plug the wires from the horn, radio controls, air bag etc into there. The ring of plastic that the connectors are mounted on is the slip ring's inner ring, which we'll remove later.
You can see what I believe are blobs of dielectric silicon grease - it certainly is some kind of lubricant. (I bought some Deoxit Fader Grease ("Lubricant for Conductive Plastic Faders and Controls") to lube up the BMW slip ring after I dremeled it a bunch and cleaned off the old stuff.)
Last edited by beermeister kink; 01-29-2013 at 10:23 AM.