Mine needed a new timing chain and camshaft adjuster in the end, quite a big job entailing about 8 hours labour. Made a big difference though car is much smoother to drive now and more economical, feels like a new engine.
The chains seem to stretch and go slack over time causing the rattle at startup. When it gets really bad and rattles continuously it means it's at end of life. Risk if you don't do anything is it will jump and catastrophically damage the engine. Sounds like this - http://youtu.be/S6L3fF49OT8
Can also sometimes cause it to not start at all first time (usually in hot climatic conditions) - http://youtu.be/k8y5SBWEPuE