Here the 5 year/100 000km "Motorplan" is standard with all new BMW's. I think it's the best in the industry around this side. The parts/labour is either covered by warruanty or motorplan.
To give an example -
Motorplan only covers changing the brake pads (on my old e46) every 20 000km's. After 14 000km's my pads were gone(warning light on etc) - The service department wanted to charge me for them (just the front ones) but then the service manager said no, motor plan only covers chaning the brake pads every 20 000km's, but the brake pads have a 20 000km warruantee on them.
The thing I like best is that if I take my car in for a service, and the brake pads are almost about to go...they often change them anyways, so I don't have to bring my car in a few days/weeks later...
Things I've had changed(at BMW motorplans expense, without me even knowing) when in for a service or minor repair:
1. Rear wheel bearings - the test driver said they were making a noise
2. Brake pads
3. Airconditioner unit (The interface part) - which leads me to think they changed some sort of control unit too
4. Boot shocks (had the hatch back...the new ones popped up :-) how fun)
5. On my 2002 model 325i - BMW added a 3rd center seatbelt on the rear seats when it went in for a service....
Those are just the things I noticed, but it didn't cost me anything in time or money...so why not?
GO BMW MOTORPLAN!!!