In my case(E90 320i), only the windows go up(on the inverse: pressing the Unlock button for a while allows the windows to go down - useful after parking in the sun). The mirrors are a 'push-button' affair.
With the E66, I remember it was the same and then, pressing 'Lock' twice to fold in the mirrors. Pressing 'Unlock' twice to fold 'em out. And they even added another gimmick. Another button to switch on all the lights so you'd be able to find your ride in a carpark. Quite handy for the forgetful....myself, included.