So I was driving around this weekend when I noticed the exclamation point icon on my dash, I checked the service requirements screen and saw a message stating I needed to add a quart of oil (odometer = 2750mi). I pulled into the first gas station and bought a quart of Mobil 1 10w30 synthetic (not the recommended oil which I later learned) and put the oil in. I got back in the car and drove for about 10 minutes and noticed the same message... add 1 quart of oil. I pulled over again and put another quart of the same oil in. I started driving again and about 20 minutes later I got another message, this time stating too much oil. I got to my friend's house and asked him if this is an issue (he is knowledgeable about these things), I learned that too much oil can cause engine damage, so I went to the service dept. at the local BMW dealership. The service guy came out and tried to get a reading from the iDrive screen and/or dashboard and got a message stating something like currently unavailable. He tried for like 15 minutes with the car at idle...... no change. I think to myself, "A dipstick would be really handy right now!" He tells me I better get an oil change so I ask how much, he says about $160. Oil change gets done and I get a bill for $248 and change, he states his quote was for the 3 series and not the M3.. he assumed it was the same price.
Lessons learned:
1)
2) Always carry a quart of oil (Castrol 10w60 synthetic is what BMW's recommends).
3) VERY IMPORTANT: Wait for the iDrive computer to cycle through a few times for an accurate reading. You can force a new measurement by pressing and holding the computer button on the turn indicator when the oil level is displayed on the dashboard.
4) Never overfill oil.
I hope this information helps someone.