I read Verslagen's excellent instructions on doing a valve lash.  I've inspected and done this twice on a 2006 S40 I've owned about 9 months.  All 4 valves needed some adjustment the first time (all slightly too loose).  On the 2nd inspection, I only adjusted 1 of the intake valves (the other 3 were in range).  I am within spec range and possibly erring to the side of minimum clearance.  I have no "ticking" on the exhaust side (probably because the exhaust side will naturally want to tighten up over time with age).  I have some light ticking on the intake side.  It is about the same regardless of if the engine is cool (start up) or at operating temperature.  My performance and power seems good, but I have no comparative idea.  I don't know how these bikes perform or sound like when they are new and young.  Do the valves tick when new?  My temperature seems acceptable and looking into the intake manifold - my valve stems and what I can see of the valves look good (no charring or heavy carbon build-up).  

I can hear the ticking if I put my ear within about 18 inches of the valve cover area.  From 3-4 feet away, I really can't hear it.

Verslagen Quote: "You should hear SOME valve noise, but not a lot."  

My question is:  How much is "SOME"?  I think I'm okay, but any verification would make me feel better.  I'll probably inspect again today since I already have the bike apart for some carb tuning.  Thanks.

Thanks Dave!  I always where a helmet!  LOL.  Really appreciate the reply!!  Now I have to figure out if they tick tick at the same time.  I give up!  LOL!