Multiple members on this forum have experienced catastrophic engine failure due to VANOS bolts shearing. More have come very close but caught it in time.
Rod bearings are another failure point. Most members have had theirs replaced before damage occurred, but at least one I know of has not been so lucky.
Oil pump issues experienced by some S54 M3's haven't shown up in the Z4M to my knowledge. VANOS exhaust hubs have cracked, so they are another weak point of this engine.
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