Still can't say I'm a fan of the tappety engine, and will never get to like that (even as a 'characteristic'), but my god it does sound nice when you're giving it some! (Mine also sounds pretty good when you're not, with the Supersprint)
The S54 does sound tappety when running normally, but there is a recognised problem with premature cam / cam follower wear with the S54 engine. This is not common, and presents with a progressive increase in valve gear noise. Example here:
http://www.youtube.com/watch?v=2lfjpC4GFJA
Also, pre-2007 Z4Ms can suffer from loosening of the VANOS bolts, ultimately leading to breakage and catastrophic engine failure: http://www.youtube.com/watch?v=dINcYreToxs&feature=related and http://www.youtube.com/watch?v=r6RDVBHsCfg Post 2006, the torque rating of these bolts was changed.
I wouldn't worry too much, unless the valve gear is becoming increasingly noisy