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Mine has actually the same thing. It sounds really bad, but there's no loss of power, no vibration, no check engine light. I was replacing the lifters the other day and noticed that there was quite a bit of slack on timing chain, on the passenger side - although when I rotated the engine by hand there was no slack at anymore. Mine is a 2006 with almost 200k miles on the clock.I’m going to do mine on the 06 shortly.
Ever since we popped a rocker and lifter, the front of the engine has been sounding like a hay baler. I am thinking maybe a bad guide or tensioner. The chain was kind of slack on the right side head when I was changing all the lifters. it runs well, but just sounds bad. The 04 with less miles sounds much better.