The cycling every 10 - 15 seconds is normal. The compressor runs to build up pressure, and then shuts off until the pressure drops. This is to save gas by not running the compressor continuously, like they did in the 'old days'. If it cycles every 2 - 3 seconds, you have a low gas problem and need to have it checked.
The compressor will steal power from the engine, and it's noticeable in many vehicles, not just bimmers. It's noticeable in my Suburban, which has a 350 V8. In fact, when I am towing, I turn the A/C off on hills to get a few more hp. Automobile A/C systems cost you about 5 - 6 hp.