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'99 996 engine failure
My '99 996 engine also failed with just 48,000 miles (not under warranty due to time expired). I was pissed when I found out that it was a known problem and Porsche wouldn't stand behind the product. If anyone forms a class action - I'll sign up.
I replaced the engine with a factory rebuild and have had success for 2 years. They updated the bearings for the counterbalance shafts in the rebuilds. So far it has been fine but I only have about 20k miles on it.
The issues have hurt resale so I'm just going to drive the wheels off of it for now. Better luck to you.
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