If you got a standard air filter, then replacing that would let the engine breath properly. If you got an aftermarket air-filter (K&N, etc) then giving it a clean will be beneficial.
When servicing, always check for things like corroded brake lines/pipes, fuel lines/pipes, worn bushes, inc. top mounts, front lower arm bushes, trailingarm bushes, axle carrier bushes, wheel bearings, etc, as some people overlook these and dont find the problems early enough
Umm, what else...
Remember to bleed the cooling system properly as air locks are BAD news, and try to get the correct coolant/water solution ratio too.
The BMW recommended oil for this engine is Castrol GTX Semi Synthetic oil, with a 10W 40 viscosity rating
I believe the correct spark plugs are the NGK double-tip ones, but dont hold me to that (for M42 that is) however if your unsure, ringing your local BMW dealer for some advice wont hurt, as someone will know!!
I hope this info is ok. Anything else you need to know, the give me a shout guys
Peace
