I have replaced those "Vanos bolts" (actually the bolts are fixing the valve train gears onto the camshafts).
There's plenty of information on the Web on this subject, therefore I will not duplicate it. I will only mention my own conclusions.
1. My car (Sep. 2006 Z4 M Coupe) had the old version of the bolts, hex socket - instead of the newer torx socket bolts. This confirms the theory that any S54 build before end of 2006 may have the issue.
2. Although they were the "old" model, all those bolts (6 on the intake, 6 on the exhaust camshafts) were tight and absolutely all right. Car mileage: about 45,000 Km. In other words, the engine was fine and there was no risk on the medium-term future. However, there was no guarantee that these bolts would have made it fine throughout the lifetime of the engine. Since I was there, I replaced them with the newer model, using blue Loctite to secure them. Important: the newer model is the same size and the same strength ( 8.8 ) as the old model. The only difference is the head, torx versus hex. So you can fit old model bolts with blue Loctite, it's the same as using the new model.
Conclusion: don't do the preventive replacement of these "Vanos bolts" unless there are signs of issues (e.g. unexplained noises in the Vanos area, or failing the test ref. #4 below).
3. DO NOT attempt to replace these bolts by your own, unless you have all the necessary BMW special tools. I insist on this. If you have all the tools are you're mechanically inclined, then it's a great experience doing it. If not, take it to the dealer, or you will most likely mess the timing. Ask me how I know...
4. Simple test. Once the valve cover is out (for example, with the occasion of a valve lash check every 30,000 Km), you can run a simple test to check if the bolts are all right. Grab strong on the intake camshaft sproket (ideally below the chain) and try to wiggle it backwards and forward on the axial direction of the camshaft. See the last picture below. There should be absolutely no play at all. Make sure you don't mistake the chain play onto its sprocket, for sprocket play onto the camshaft. Repeat the same procedure for the exhaust camshaft.
Then, for 3 times, do the following loop:
- rotate the engine by 180 degrees (1/2 turn);
- repeat the test for both camshafts.
If no play is noticed what-so-ever, and in addition there are no strange noises in the Vanos area when the engine is running, then your Vanos bolts are very likely to be all right.
Pictures:
