Absolute agreement with the above.
Most common vanos failure point is the bolts that hold the unit to the head which can cause oil leaks and eventual failure. This should have been corrected for free on any car that has seen the dealer network in the last 5 years.
The noise is actually caused by (very minor) wear in the gears which is something that doesn't really affect the performance. Internal leaks in the vanos unit are the ones to worry about and these are rare. Almost all the M cars that BMW have produced have loud powerplants!
BMW warranty covers noisy vanos units so by all means replace it if you can but don't get carried away worrying about it if you aren't covered. Given that the warranty costs somewhere between £500-£750 every year I would question the value of it anyway...