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And anything is possible, given enough time and money. This, however, looks like it would be challenging. First, it appears the hands free phone system is completely different in the Nav versus regular bose versions. Check out the AV section of the FSM (you can find the FSM
here) and compare pages 263 and 301 (again from the file AV.pdf). You'll notice there is a separate bluetooth module in your car (on the left hand side of the trunk under the foam spacer). This does not appear to exist in the navigation unit, which would mean it is internal to that unit. So, for bluetooth phone to be plug and play, you'd have to re-route the wiring for the microphone from the trunk up to the front of the car. It also appears that the XM radio module is built-in with the navigation unit where it is external in the base bose stereo (so that cable would need to be run from the trunk in your car where the XM module is up to the front of the car where the head unit is). It looks like the reverse camera is the same in both models, so that should be easy. However, a cursory glance shows that the connector to the back of the unit is labeled differently. It may be the same but with a different number (M123 vs. M133 I believe), but it could also be completely different.
Given those, it will definitely be a time-consuming install. It is possible, but wont be easy. Also, you would have to run a GPS antenna to the head unit. I didn't check where the stock location is, but you can really put it anywhere. The easiest place to put it would be right on the dash (maybe in a corner near one of the front speakers, or just underneath the dash somewhere) so the wiring might not be too bad.
Now, if you go the aftermarket option, the W900 is a great unit (it's what I'm running, though mine has the BT external - which I do have). It has FAR more capabilities than the stock head unit, and should actually be cheaper to buy than the Bose with nav head unit (depending on where you find the Bose unit). The W900 would require an external XM module, but that should be able to be stuffed behind the head unit in the dash. Unfortunately, the antenna will almost certainly be different, and you would have to run your own. Given that you would need to run your own GPS antenna anyway, that wouldn't be a huge concern to me if I were in your position. I would also bet that the backup camera is a different connection. The W900 can utilize a standard RCA video jack, but I HIGHLY doubt that is what is OEM. I stopped checking the FSM, but I'm sure you could browse the AV section and figure it out.
The Bose unit is tuned as a complete system. So you may get a drop in performance when switching from the Bose HU to an aftermarket HU. I don't know exactly how noticeable it would be. I didn't notice it when I was running the stock Bose speakers in my car (temporarily) on an aftermarket head unit, but my personal opinion is that Bose is terrible anyway. So comparing crap and slightly worse crap doesn't really do anything for me. To be honest, nearly all stock speakers are garbage, and Bose certainly isn't any different. There are very few stock stereos (even the "upgraded" versions) that are actually worth a damn. IMO, Bose is not one of these.
Sadly, I do not have a good answer for you. In terms of the best utility, you would want to go with an aftermarket head unit, aftermarket amp(s) and aftermarket speakers. This would of course be the most costly route. The head unit might be able to be swapped to put in the Bose with navigation model, but it would probably take a lot of time and troubleshooting to get everything working correctly. Or, you are stuck suffering with what you currently have. I chose to go the complete aftermarket route, but I'm a complete nut when it comes to this garbage. I don't know what would serve you best.
If you have any other questions or want to bounce ideas off someone, post up and I'll see what I can do to help.