Using improved theoretical calculations of the decay form factors in the Light Cone-QCD sum rule approach, we investigate the decay rates, dilepton invariant mass spectra and the forward-backward (FB) asymmetry in the decays B→(K,K∗)ℓ+ℓ− (ℓ±=e±,μ±,τ±) in the standard model (SM) and a number of popular variants of the supersymmetric (SUSY) models. Theoretical precision on the differential decay rates and FB-asymmetry is estimated in these theories taking into account various parametric uncertainties. We show that existing data on B→Xsγ and the experimental upper limit on the branching ratio B(B→K∗μ+μ−) provide interesting bounds on the coefficients of the underlying effective theory. We argue that the FB-asymmetry in B→K∗ℓ+ℓ− constitutes a precision test of the SM and its measurement in forthcoming experiments may reveal new physics. In particular, the presently allowed large-tanβ solutions in SUGRA models, as well as more general flavor-violating SUSY models, yield FB-asymmetries which are characteristically different from the corresponding ones in the SM.
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