When I helped Joh (VXorado) do his timing belt, his cam looked just like the picture above. We sat there and pondered whether his timing was actually off, or not, for a couple of hours. We moved the cams one tooth back and forth, but the marks never seemed to line up perfectly (they where that way with the old belt on too). In the end he left it, put it all back together, and it's been running just fine ever since.
"The major difference between a thing that might go wrong and a thing that cannot possibly go wrong is that when a thing that cannot possibly go wrong goes wrong, it usually turns out to be impossible to get at or repair."
-Douglas Adams, Mostly Harmless