Reddit mentions of Gliptone Leather Care Combination Kit, 8 Oz

First, you should check /r/autodetailing

There's lots of options and everyone will have their favorites based on experience. One thing's for sure though, stop wiping down with ONLY water as that is probably making things worse other than getting some dirt and grime off. It makes the leather dry and prone to even more cracks. You need some sort of leather-specific PH-balanced cleaner and a conditioner to follow it.

My favorite value option that's easily sourced from your local Advance Auto/AutoZone is Lexol. Amazon has a kit that's pretty cheap for you to see if you like the results:
http://www.amazon.com/Lexol-907-Leather-Care-Kit/dp/B005H7DRQA

Gliptone is also another well-liked value option:
http://www.amazon.com/Gliptone-Leather-Care-Combination-Kit/dp/B003VV423G

There are other higher end brands like Leatherique and Leather Master, but the results just didn't feel it was worth the price difference.

As for the dashboard, avoid junk like Armor All. Go with something like Einszett Cockpit Premium: http://www.amazon.com/einszett-Cockpit-Premium-16-9-fl/dp/B0002Z2MZ4

I use this, but I have a spray bottle of each. I found this product reading /r/AutoDetailing , this is what many people say should be used on the coated leather BMW uses.

Edit: I've used it on both my M and my wife's 330. You can tell a difference in the type of leather, but still good results on both.