I have it. And it warns me all the time. I have to get extremely close for it to brake though.
There are 3 settings. Early warning, late warning, and no warning. Make sure you have those setting set right.
Edit:
As far as the braking, do you have active cruise? If not, your car will not brake. Page 117 in the manual (Collision warning with braking function) explains that if you have Active Cruise, it doesn't use the camera for the collision warning, it uses the radar on front bumper, which allows it to brake the car.
You can see it working in this video I took. I had my active cruise on, and the car in front of me changed lanes. It got a bit confused, that's why eventually the anti collision kicked in. I never touched the brake, and you can hear the brakes when it finally kicks in.
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2013 335i F30 Melb Red Dakota Black/Red highlight
Sport Line, Driver Assistance, Driver Assistance Plus, Dynamic Handling, Premium Pkg, Tech Pkg, Sport Auto Trans, Active Cruise Control, Heated Front Seats, Auto High Beams, Parking Assistant, Harmon Kardon