BMW, for some reason, has significant problems with water pumps on almost all their cars. I had mine go (nearly catastrophically) on my Z3 2.8 at just over 53K miles, and only after found out that I should have had it replaced at 50K. I was very lucky to have caught it in time with no major damage, though it did cost me a pretty penny to replace (in Greenwich, CT on a weekend, no less). At $50, the water pump is a cheap part and relatively easy to replace if you catch it in time.
After doing some research, its highly recommended that you upgrade the water pump to one of the more reliable, all metal, after market units that are available through specialists. You should also replace the thermostat while you're at it. Moreover, aluminum thermostat housings are available as an upgrade, though I'm not convinced they offer a significant enhancement over the stock plastic unit. If you do the work yourself or have it done at a non-BMW mechanic, be sure to have the antifreeze replaced with BMW certified fluid only. Non-BMW fluid can react with components in the BMW block and ultimately create clogs, doing more harm than good.
The radiator should be replaced much later in the cars life, around 100K miles, if I'm not mistaken (though you may want to look that up). In any case, I don't think its a major area of concern.