If you can live with the tapping/knocking I would think everything will be ok. It will be just..........well..................noisy!

I couldn't stand it any longer and had to fix it. And like I said, I'm glad there wasn't anything more sinister going on which would involve going deeper into the engine.

There is another option that worked for someone but not for me:

Change the oil to 10w-60. It's a thick oil (goes in the M5 I think) that might mask the noise. And that's all it will do...........mask! Probably won't be any good for the mpg either.

Anyone doing this job will also need a torque wrench for left & right hand threads with a minimum of 125Nm. A multimeter (preferrably with sound), a 27mm open end spanner and a T55 torx bit. And of course the special tools. This is the kit I got:

BMW M60 M62 Master Camshaft / VANOS Timing Tool Kit : eBay Motors (item 270570593582 end time May-27-10 12:27:48 PDT)

It will come in handy for if/when the chain guide rails give up. Or you could hire the kit out to others with the same problem maybe.

Yes, it's an expensive fix but.......................how much do you love your car?