The most expensive option which AFAIK only Rolls Royce and maybe a handful of racing cars use is gears. The problem with gears is unless they are fit to perfection they are loud. Each 6 3/4L RR V8 took 80 hours of hand fitting at the factory to make sure the timing gears meshed perfectly.
VW used them on their V10 diesels
http://www.youtube.com/watch?v=YfuNppz1GVc
They cost less than Bentley engines, but they still are super expensive.
Anyway, usually timing chains last the life of the engine, and are only replaced during rebuilds.
However, one can fail within the life of the engine. You will know it because it will make terrible rattling noises before failing. Sometimes it isn't the chain that fails, it is the guides or tensioners, and all are replaced when the chain is replaced properly.
Far superior to using a timing belt. A timing belt can go snap in almost an instant.