I doubt it's a failed AOS.. It's completely redesigned in this engine. Many cayman/boxsters are reporting this on 2.9l's I might just take the chance on it and pray porsche doesn't let me down. It's smoke almost like this (maybe a little less) this is on a 2009+ as well
My 2000 S with 75k on it will puff white smoke if it sits to long. Drive it daily and it never does. With these engines being flat, oil can seap around the valve stems a little and settle in the combustion chamber. I would not worry, unless, it's smoking while driving down the road. See if you can get an extended warranty.
Old Hippie Young Heart
2000 S/3.2 Liter/Tiptronic/Boxster S Sport Package/Cruise Control/Slate Grey Metallic
Red Special Leather Interior/Red Floor Mats/Red Hand Painted Instrument Dials/Roll Bar/Windstop
Small Carbon Package/Leather Wrap Carbon Wheel/Center Console Exterior Color/Alum Carbon Shift Knob
AM/FM Radio w/CD Player & Changer/Digital Sound Package/18" Turbo Wheels/Wheel Caps w/Colored Crest