OK, they are installed and look great!

The only parts needed are the calipers & pads, rotors, wear sensor and backing plates... the 4.8i hubs worked fine.
I have 12mm spacers on the front, but you do not need any for the 214s to clear the Calipers.

FYI, the Aluminum ///M Calipers are about 1/2 the weight of the steel OEs they replaced.
The 2 piece Aluminum and steel rotors (395mm vs 345mm) are only about 2/3 the weight of the steel OEs that they replaced.

I din't do anything to the rears.

Braking is immediate and very linear, love it!

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2008 4.8i X5 (2/25/08) 105k:
Titanium Silver/Black; All -HUD; Aero Kit; 22" VS-130 w/Pirellis;
///M Shifter & Fr Brakes; Gauge Rings; Console Pads; Custom Wheel & Mats; Roof Rails
Carbon Fiber: Int Trim, Nav Surround, Grill, Cluster Trim, Shifter & Eyelids
1.2" H&R; LUX AEs; LCI Tails; Rear Fogs; NBT EVO; ESS Tune; Meisterchaft GTC Exhaust