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Athos, you have the timing down just about correctly. From order to pick up date is usually no less than a couple months. Shipment back to the US can take up to 8 weeks, usually a bit less for east coast. That is, you can usually pick up your car within 8 weeks of drop-off over there.
Marcus, I am pretty sure that the German government doesn't subsidize the program. BMW does and they do it for the exact reason you mentioned in your post. It is an incredible experience and builds extreme customer loyalty.
If they can sell you four cars at a discount instead of one at sticker price, that's a smart move don't you think?
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