I know BMWs and some other cars have it!! how does it work? And does run faster that the regular automatic transmission??
It's no faster than a regular automatic transmission. For example, it will still shift by itself once the engine approaches redline, and will downshift by itself once you stop at a stoplight. And it won't let you do anything like shift into fifth gear while you're only doing 5mph, or first gear while you're doing 75. It is helpful climbing and descending hills, and driving through the snow, but most people like the appeal of manually selecting the gears without having to deal with an actual manual transmission with a clutch.
Its BMWs version of a Tiptronic transmission. Its simply an automatic that also allows the driver to manually shift through the gears and make MOST of the shifting decisions. Its nothing special.