Originally Posted by touchofclass
Premium package normally means you get sports seats...and M Parallel rims sometimes. ...
The premium package does not include sport seats or m-pars. You are thinking of the sport package which also includes Shadowline trim, Steptronic Transmission, a lower 3.15 final drive ratio (versus 2.92), Vavona redwood interior trim, and depending on year and other packages, a 3 spoke steering wheel. However, I believe the sport package only became available on the 740i in '99 so it's not really a concern here.
The premium package is kinda hard to pin down as each year more options were made standard. Typically the premium package could include things like a navigation system, Xenon headlights, premium audio system, etc. But again, these all became standard as the years went on, so I can't say for sure.
This link helps to see what changes were made each year. http://consumerguideauto.howstuffwor...w-7-series.htm
Good luck with the purchase ... Go for the bimmer man! You won't be disappointed!