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Guys,
I hope you dont mind me joining you from Europe, but I came across this board via Google and I may be able to help (just solved this on my '04 3,0i).
@Shipkiller - If the Microswitch is the problem, then the roof wont unlatch at all (from the up position) and the switch LED will light up orange and not blink (if you see it happen you will recognise the color change)
@ Zinger/Roffle Waffle - If the red bypass tab is pulled and/or not properly reseated then the hydraulic pump will run but the roof wont move. All this tab does is move a lever to depress a button on the pump - it moves about 1/4 inch total, seats back into a slot and the button it presses may have seized (was on mine)
@ drashall - If your roof unlocks and then the LED blinks red but nothing else happens, then with 98% certainty I welcome you to the world wide community of Z4 drivers with gunked up hydraulic pump motors. Most of the time, if you remove and open the pump/motor unit you will find the casing full of water and the motor inoperable. Again most of the time 30 mins with some WD40 and paper towels will restore the pump to working order. To get to the pump you either have to violently remove it through the boot (break off some inaccessable cable ties) or partially open the roof. I did the latter and its fiddly but ok if you are any good with tools. If you get BMW to do it over here they take the whole roof out and charge you for a new pump, which can cost something between $1000-1500.
But what am I saying - Shipkiller had done this too, AFAIK (albeit with the whole roof off)
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