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Originally Posted by Jim H
How far can a timing chain wear before the power loss and smoke insist that I finally replace the chain?
Will it wear to the point that it breaks, or jumps a tooth with equally disastrous results? 
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There are differences of opinion on this with regard to the 603. IIRC you can run the engine just fine with 5-6 degrees of stretch based upon results from Dave.
However, my indy strongly discourages any use of a chain that has stretched more than 2 degrees due to risk of failure.
I think we need more data to show if a stretched chain is more prone to failure or not.
The chain will not jump any teeth when it "stretches" because the tensioner keeps the chain taut.