iv had both ecotec and alloytec, first commodore was a vt with 180,xxxks and i brought it from a car yard and first week of owning the car it spun a big end! after i put a new engine in it was fine and i never had any other problems for the next 80,000ks i did in it while i had it. however it all comes down to how it was looked after previously i guess.
second commodore i brought was a vz calais with the 5 speed auto and 190 alloytec, i haven't had any problems with it so far but i haven't owned it for that long, however i fined the alloytec to go a lot better than my ecotec did, the ecotec was a little bit better on fuel over all but for how much more smother and powerful the alloytec is i wouldn't go back. plus the 5 speed auto is 100% nicer to drive than the old 4 speed, personally if you can afford to get a vz with lower ks and full service history i would go with that. but id only get the 190 hi output with the 5 speed auto or the 6 speed manual not the 175 4 speed.
the alloytec is a bit more $$$ to service but nothing that i fined more than any other newer model car.
i cant comment on the timing chain issue as mine isn't making any noise at all (touch wood) and iv also got about 4 other mates with alloytecs and they all haven't had any timing chain issues ether, so i dont think its that big of a problem if the car has been looked after, and even one of my mates cars has over 200,000ks and is still going strong.
also the alloytec seems to be easier to get more power out of with just a tune, iv managed to get 179rwkw from mine (stock is about 135rwkw) with a tune and a few other mods and it blows of my mates standard wh supercharged ecotec
the hardest bit is the ecotec has been around for years and the alloytec hasn't, so there will always be alot more people on hear saying how much better the ecotec is, and alot probably haven't even owned both. id just recommend you take both for a drive and see what you like better. iv had both like i said and i wouldn't go back if i had my choice
thats just my opinion anyway, hope it helps mate
cheers scott