I downloaded and upgraded the software yesterday. I put the bin file in the root directory of the BMW USB stick I got when I purchased the car and inserted it into the USB port under the arm rest.
I also used tar and rpm2cpio to extract the contents of the update. The update contains changes to bluetooth and the mediaserver components. And yes, they are i386:
[root@arthur bin]# file Connectivity
Connectivity: ELF 32-bit LSB executable, Intel 80386, version 1 (SYSV), dynamically linked (uses shared libs), not stripped