Its a moody sucker, that BMW.
On deceleration / upshifts (ie: every time the revs drop), the exhaust makes a popping noise. Fairly subtle. Now I have done some digging on the interwebs and it I have a bunch of posts saying its a lean condition, others saying its a rich condition, and the occasional "hole in exhaust" explanation.
But what is it really? And should I bother with it at all?