[ckneasel]

Car has 33k miles and dealership is telling me the brakes are nearing end of life ...

5mm front
4mm rear

Was quoted about $1600, I’m assuming that’s pads and rotors...?

OEM the way to go or would you recommend an aftermarket setup...?

[GS - X3]

That’s a personal decision.
I have a local independent shop I work with that I wouldn’t hesitate to use for that brake job, and I guarantee that their price would be substantially lower. If you don’t have such a relationship, your decision is a tougher one. Either way, if you choose to go with the Dealership, it never hurts to comment on the quoted cost, and ask if there are any “Service specials” being offered. You might be surprised at the discount they might offer, depending on how busy they are...

[Ravenous666]

You can get Aftermarket parts for the fraction of the BMW Prince.

FRONT:

Brembo 09.D094.13 / 09.D095.13 (separate pot and rotor like OEM)
ATE 09.D094.13 (separate pot and rotor like OEM)
Zimmermann 150.2936.32 / 150.2937.32 (separate pot and rotor like OEM)
Zimmermann 150.2936.52 / 150.2937.52 (Single part drilled disk)
Zimmermann 150.2936.20 / 150.2937.20 (Single part standard disk)

I personally prefer Brembo and ATE as aftermarket parts as they are very good quality. Zimmermann is more like a budget choice.

And don't forget to change pads as well when changing rotors.

Brembo pads: P 06 099

You also need the buy wear indicator and clip together with the pads:

Indicator
BMW PN 34356870351
FEBI Bilstein PN 170747

Clip
BMW PN 34356794949

Also BMW recommends to change the guide bolts and tension springclip for the pads on cars older than 48 month.

Guide bolts:
BMW PN 34116872572 (2ea required)
Springclip:
BMW PN 34116872574

[Ravenous666]

REAR:

Brembo disc: 09.D096.13 (you need 2ea)
ATE pads (low dust): 13.0470-2716.2 (set of 4 pads, new caliper bolts included)
Wear sensor Febi Bilstein: 13.0470-2716.2