Update 2 – here's some info from a reader:

I just got off the phone with Aaron at Mini USA. After hounding him last week about the availability of this particular part, he finally spoke to Mini engineers, who said that this part is, I quote, “not compatible” with the US Mini coopers. He was told by engineering that it will not work. As to the actual Mini part, he still had no information on an expected date, other than to say to expect it “shortly”. He couldn't say if “shortly” meant 1 week or 1 month, but was able to guess that it would not be six months. So again back to square one.” – Loren

So unless we can get some sort of confirmation on the BMW part working with the MINI those waiting for the MINI aux port might want to wait for the “official” part and not get BMW's version.

Update 1: [ Here's a new image of the actual piece (thanks to Geoff Stradling for the pic and info). There's also quite a bit of info regarding this and other homemade version on this MINI2 thread. ]

There are many people out there that have been waiting for this part for quite sometime. It allows you to plug in an auxuliary sound device (like an iPod for intance) into the radio and have it play through the speakers of your MINI. The following are the part numbers given for the Z4 but I'm told should be the same for the MINI:

With standard CD player:
65 12 0 153 501 Auxiliary Connection Retrofit Kit

With navigation system:
65 12 0 153 503 Auxiliary Connection Retrofit Kit

Unfortunately it's only available for 2003 MINIs as the wiring on radios from 2002 cars is different.

From my understanding the device will attach to the back of the head unit and the access point will mount in the glove box.