One day someone'll invent a cost effective actuator that will allow the ECU to directly control valve opening and closing events and we'll eliminate the cam completely, and have some real fun. How lairy would you like your cam today, sir? 8-)
Kevin
Damn i thought that was my invention
- it can't be that hard to do now surely? it's only a fast acting solenoid valve.
change engine timing at the flick of a switch i can't wait

Problem is the forces required to accelerate the valves are considerable, and not easy to achieve with a solenoid. Some sort of electro-hydraulic setup might work, but it would be very expensive compared to a lump of cast iron with some lobes ground on it, and has the potential to be less reliable.
IIRC it's been played with by someone - one of the F1 teams perhaps (where the problems are compounded by very high revs).
Edited to say: Cam and crank sensor reliability achieved by VX would really ruin your day too as you'd have mangled valves as well.

Kevin