I dont think its worth it either, I have MASSIVE OP on my Bimmers and the Bimmers I have worked on. If you simply polish correctly, it still brings out an awesome reflection!
IF a flawless finish is what you are looking for and if you are planning to dump the car after 2-3 years, SAND THAT SUCKER!
Otherwise I would just leave it.
This makes me want to sand my M5. I know Im going to dump it when the new one comes out.