The timing chain snapped on my 08 Cooper S last week after only 31000 on the clock...
The car is about 8 months out of it's warranty and missed a service which i'd booked for November then cancelled. After looking at the engine the dealership came to to conclusion that I need a new engine (ouchy), and today, after having negotiated with BMW on my behalf I'm having a brand new engine fitted at a cost to me of "only" £580! That is 100% part cost paid and 80% labour paid. The first offer was 50% part and 100% labour which the dealership rejected without even running past me first so they must have been confident of a more pleasing offer to come. Quite right too!
So, if your engine decides to tear itself to pieces mid journey and you're out of warranty, keep your cool. Dont believe all the horror stories.
Big massive respect for Cooper Cobham who sorted this without me having to squeal at a single customer services rep. I know they get a decent wedge of cash themselves, but frankly they are welcome to it.