From my own experience, I would concur with the noise complaints. It actually sounds like lifter noise, and I can hear it on my 2.7 from the middle of both valve covers. I've used the long screwdriver trick to rule out the cam chain tensioners, so it must be the lifter buckets.
I even went far enough as to pull the covers and inspect the cams and buckets for wear (some S4 engines had soft cams and the noise was the warning bell that they were eating themselves), but there is no visible evidence of any abnormal wear. It's still unerving to hear the constant noise, though. Maybe it's the interaction of the top of the valve stem with the lifter that makes the noise.
I've got one change of GC and one of the new BC up next, and I hope they will quiet things down. Right now, I am currently running Quaker State 10w30 with a shot of RL to beef it up a bit and the noise was lessened a bit.