One niggling issue I had when I installed the N54 tensioner is that the belt doesn't appear centered on the pulley, there's a solid 7mm space between the belt and the end of the pulley that makes it look like the belt isn't centered, and that made me concerned that there was a difference in backspacing between the N54 and the X5 tensioners.
So, I did the rational thing and ordered a genuine X5 tensioner, P/N 11-28-7-565-225. The only differences between the N54 tensioner, P/N 11-28-7-563-927 and the X5 one is that the former comes with a steel bolt and the latter an aluminum bolt. Also, it seems that all instances of N52 tensioners have silver tension springs instead of black. Different steel composition or just paint... I dunno. Otherwise, everything else between them was identical.
E70 X5 on the left and N54 on the right
I also discovered why my belt looked so cattywampus on the N54 tensioner: the pulley is physically thicker. The N54-style tensioner has a 30mm thick pulley whereas the normal N52 one is only 26mm AND any N54 or N52 with that style tensioner has a 7 rib K07 belt instead of a 6 rib K06 belt!
I tried mounting a set of 26mm pulleys on the N54 tensioner but that legitimately screws things up because it changes the pulley centerline.
Notice that the backs of the pulleys are perfectly aligned.
Bottom line.
The N54-style tensioner works just fine. You can either order the cheaper N54 tensioner ($65) and then order the aluminum M11x99 bolt that goes with it separately ($15) or just order the X5 tensioner for around $140.
Sorted.

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