Took me a little while to find the problem with this one, but I get bonus points for fixing it in a hotel parking lot...with only that silly BMW toolkit screwdriver.
First try: It has to be a fuse. Popped off the cover (that's what I needed the screwdriver for) and found a blown 30 amp. Replaced that, confidently went on my way. I go to use it, big fail. No cruise for me!
Second try: It has to be an overload. Pop fuse cover off again, replace fuse again. Check cable tension. No cable tension. Feels like it's broken somewhere... I'm 400 miles from home, it's too late to get a spare from a junkyard. I pull the cable out and note that the buckle is still stuck in the actuator - with the little rubber belt flapping loose.
Diagnosis: Belt slipped off the cable buckle then (I'm assuming) the cruise actuator overloaded the circuit and popped that 30 amp fuse.