A beacon of hope for those who follow...

My 2010 G37xS exhibited the same symptoms and reported the same codes, so I limped it over to my local Infiniti specialist fearing the worst. Here is the report:

LABOR: (1 HOUR)
SCAN ECM FOR CODES: P0021, P0524, LOW OIL PRESSURE AND BANK #2 TIMING CONTROL SOLENOID FAULT
CAR IS IN FAILSAFE MODE. MONITOR SOLENOIDS FOR FAULTS
REPLACE BANK #2 SOLENOID, CLEAR CODES, AND MONITOR

PARTS:
HITACHI VTS0003 VALVE TIMING SOLENOID

They found erratic readings from the VVT solenoid, which is consistent with this post. It's back to running like it should. YMMV, but it seems worth checking before making assumptions and taking the plunge!

 

 

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These are the gasket i changed when this happened to me

 

Update one year later: Through replacing the failed solenoid did address the symptom described in this thread, the engine continued to ping audibly when accelerating from a stop at hot idle, presumably because the actuators received insufficient pressure to adjust the timing effectively. I decided to have a local specialty shop replace the galley gaskets for about $1300 as described here; I was not charged the amount estimated to drop the oil pan for inspection as an oil analysis thankfully reflected no bearing damage, but another car in the shop was not so lucky and may need a new engine. The gasket had failed, the new one won't, the pinging is gone, and the engine now runs perfectly. Low oil pressure is bad news, folks, so get it checked out!