Absolutely.
Apart from being seriously cheaper, it will help you get to know the bike, which means in turn that if anything does go wrong on the road, you've got a far better chance of identifying the problem and fixing it.
Getting up close and personal with the bike will also mean you get to see things that are potential problems....weeps that might turn into leaks, rubbers that are wearing, cables fraying etc.
I'd say don't start by using the manual...it's certainly worth reading through, but if you have a friendly independent near you, next time you go for a service, take a big bag of doughnuts and watch what he does.....seeing an expert do things in real life is infinitely better than following theoretical instructions in a manual.
Start small, get confidence, work your way up the scale of difficulty
There will probably be many tossers around you willing to help as well......if you have a job to do, stick up a thread asking if anyone can help and that you'll provide bacon butties and unlimited tea.
A bike you've serviced well yourself will run better than a bike that a dealer has serviced to their BMW schedule........for example, if you ask for a valve adjustment, that's what they'll do, and they'll do it to within the fairly generous tolerances as set in the book.
If you do it yourself though, you'll also do the float end gap at the same time, and you'll spend as long as it takes to get the valve gaps and balancing spot on......People like Steptoe will do this as well, but a main dealer won't, unless asked specifically.
Go for it
EDIT...
Disagree.
I'd put more faith in a log book filled with receipts kept by a decent home servicer than a dealer stamp.
You can tell more about the way a bike has been kept than by seeing that the previous owner can remember a date
