I'm willing to guess that when you do hear this sound, it's during a cold start ie. first start of a day or after the engine has had time to cool down.
From what I have read, I thought too the sound was lifter tap, the sound we hear is piston slap. Evidently GM knew about this way back when, intended to do something then found out how many were at stake, so they changed their minds.
The sound is more annoying than anything.