So, interesting enough, I just had these symptoms and lights, and we pulled a P0345 code for camshaft bank 2. Replaced both sensors (50K miles on the car and they're 17 years old!). Here's my question:

Do these sensors have a "soft fail" as they deteriorate, or is it an all or nothing thing? The car feels more "peppy" to me now, but that could just be the ol' butt dyno mystery effect.

 

Hall effect sensors can fail in a number of ways yeah but you're probably just imagining that it's more peppy.