Ha! yeah, I had the same thought about rain getting in, then again the components under those vents are running at what, like 2600 deg F (lol!), so any water would just instantly turn to steam. ha!
I've read of some owners of vehicles with N63 that have your kind of mileage and never had an issue, then others like me that had a new engine put in at 77k. I bought another 2011 550i with 50K on it in March this year. Within 1200 miles of me owning it it was gobbling oil (likely why it was traded in) and I had the seals replaced on it then sold it (no cost to me on the seals due to the N63 campaign). I only sold it because I decided to keep my 6-speed manual 550i instead.
Anyway, it just seems to be hit-and-miss with the N63 issues. I do believe that if you drive it like a gramma, you will have more issues than if its stomped on somewhat regularly.
In other news, I can fully recommend putting the M5 exhaust on it. I have no tune and stock intake at this point, but adding the M5 exhaust system (non-competition pkg, full system after the stock downpipes, replace resonators with straight pipe and replace stock x-pipe with full-diameter x-pipe) eliminates any turbo lag and the sound of the exhaust finally does the 550 right.
