One problem related to front seat heater/cooler has been reported for the 2001 BMW 740. The most recently reported issues are listed below.
While returning from church today my left buttocks got hot. . . Had the a/c on since it was warm outside. Reached back and it was very hot. . . Then smelled smoke. Was able to pull over quickly and stop car. The leather seat was smoking and had burned a hole about the size of a nickel and through to my pants. Discovered the seat heater was on high. . . Have no idea how it got turned on. Nice hole in pants and leather seat. Any reports of this from other BMW owners?.