Another up and coming stand alone tool that is looking very promising is the Foxwell NT510 BMW/Mini scan tool from foxwelltool.com.
One nice feature of Foxwell NT510 tool is it appears to support straight up OBDII (covering most, if not all of the common OBDII protocols) with the addition of BMW specific/proprietary code reading and BMW specific service related features.
I just received NT510 today for evaluation and have only spent about 20 minutes with it so far and I like what I am seeing so far.
Played around on my BMW E70 for a bit, covers ABS, Airbag, Electronic Parking Brake, some EWS/CAS, Active Suspension, Service Resets for $179.
Foxwell NT510 can be updated to include VW/Audi/VAG, Mercedes and some other manufacturers for approximately $70 for model line. These updates are manufacturer specific.
Even with a tool like INPA BMW Scanner, I still suggest Foxwell NT510 scanner which does a very good job without PC connection and all you need to do is plug it in the car and press the button by following the prompt to perform the function you want it to do, you will always have at least an OBDII tool at hand when out on the road.