Update - it took the dealer almost 2 days to get the locks off! They apparently had a misplaced set of master keys....
anyway, the SA said that they were just going to charge sales for the 3 hours they spent to get the wheel locks off...ridiculous!
on the bright side he gave me a brand new set of wheel locks and before that asked me how likely is it that your wheels might get jacked..lol!
Anyway, I got to enjoy the new 2009 550i for a few days as a loner...not bad eeh!