Yeah the variable cam timing (aka VTEC in Honda's) was toyed around by GM in the 60's but they couldnt get it to work.
I don't think that Honda could get it to work in the 60's either!

I have to admit that I'm a little disappointed that American car makers havn't gotten into this technology much. Even turbos are rare. I think a lot of it is the American "it needs to be a V8" mentality. That is the only reason that so many people bought the Jeep Grand Cherokee at first - it was the only SUV w. a V8. The V8 that Ford finally squeezed into the Explorer was junk compared to it's V6, but people bought it!
Ford finally has a variable intake cam on the SVT Focus...