Just FYI guys, I actually broke open the steering column last night (I'm in the process of converting to the M hydrolic rack) to gut out the electric power assist. What I found is that there are both mechanical and electrical parts in that housing (where you are squirting grease). The electric motor has a metal worm gear which drives a plastic gear on the steering shaft. "Below" (moving "down" the shaft towards the fire wall) the gear is a hub, a sensor, and some electronics. I believe these are the angle torque monitoring sensor as there is a "flex" point in the shaft at this location. With this in mind, I can confirm that you guys are putting the grease fitting in the relatively correct location to hit the gear. IDEALLY, you could come "down" a bit and hit more of the grease on the driven gear. But certainly stay away from the lower area (where the electronics are).
Also, if anyone wants I'm trying to sell my electric motor/controller and sensor: http://www.z4-forum.com/forum/viewtopic.php?f=7&t=53661
Also, if anyone wants I'm trying to sell my electric motor/controller and sensor: http://www.z4-forum.com/forum/viewtopic.php?f=7&t=53661