A pretty much massive failure like that happened to a customer of mines 99 740iL to the point where we rebuilt the engine with the help of his son. It was a headache while the engine was still inside the engine bay to say the least, but he wanted to do it at his home.
The bolts may be cheap, but it's sometimes getting to them that can be the issue. I have a pair of wrenches welded together to hold the cams gears in place to make sure to not screw up their timing during disassembly. Here's a couple quick links for those who like stimulation via car porn...take it off baby! 
So... My car has loose VANOS bolts.... (pics) - BMW M3 Forum.com (E30 M3 | E36 M3 | E46 M3 | E92 M3)
DIY: Fix your lose VANOS bolts! LOTS O' PICS! - BMW M3 Forum.com (E30 M3 | E36 M3 | E46 M3 | E92 M3)
YouTube - BMW E46 M3 VANOS bolt failure #1
YouTube - BMW E46 M3 Vanos bolt failure #2
...and you said "who cares" about a few VANOS issues 
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650hp 10 X5///M - Stage 2, Vibrant 1794's , gutted cats, custom intake, AC Forged 22's 325hp 98 BMW 740iL - ///M5 6spd, www.bavengine.com w/ Performance Option, electric fan, CF intake tube w/ heatshield, Mag 14816 w/ notched bumper, Bilstein/H&R Stage II/Powerflex 600+hp 02 Harley F150 - MHP900 Stage 3 engine, KB2.3, 8# lower, 60# inj, Walbro FP's
135hp 01 TL1000R - M4 full exhaust, K&N, Yosh box, -1/+2 gears, 2CT's
Last edited by m5james; 10-12-2010 at 06:17 PM.
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