according to what i've read on the other N54 forum, yes, the light will go away after about 100yards and all else will be fine
one thing I've noticed (mine is currently out of commission with code 5D90 drivers side wheel speed sensor error) is the same yellow light as yours, along with:
1) i-drive error message TPMS because it thinks that wheel isn't moving
2) Cruise Control does not function, everytime I go to hit the CC, I get a CC error message on my dash
3) Turn signal does NOT stop it's cycle after you complete the turn; you have to manuall do this. My shop guy explained to me that the steering angle sensor goes to sleep without this sensor functioning properly, there for, the turn signal will not stop on its own.
Part # 34526760424 takes less than 10 minutes to install with this DIY:
http://www.e90post.com/forums/showthread.php?t=602115
link to a fellow member having this issue and curing it immediately:
http://www.n54tech.com/forums/showthread.php?t=13922