If you catch the chains in time, catastrophe can be avoided. If you let it jump too many teeth like I have seen, there will be piston contact and I have seen these camshafts snap as a result.
As far as that being the only thing, if you let it overheat and it blows a head gasket, that's usually a deal killer too, as the head bolt threads will likely give out.

 

Wow. Sounds like the 5.0 is just a really bad engine.

 

This discussion above is the SC V6

 

The 3.0 and the 5.0 are the same, minus two cylinders. Its great for us, because we only have to stock one set of chains, it fits them both. We just stock a different supercharger gasket and different r/s valve cover and l/s valve cover gasket to differentiate the two.