MOST likely not
The audio system in the e90 is based on the MOST fibre standard, and not compatable with the older system in the e46.
So the current BMW option won't work on the e90, just like it isn't compatable with the current 7-series or 5-series.
Dension has announced a MOST compatable system, but I believe the pricing is around US$400, not including labor.
On the plus side, it should include support for the ID3 tags, unlike the BMW option, but I'm just guessing on that part.
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