ETS light => codes p0014 and p1550?

[Gubernaculum]

Hi all,
I just got a 2000 s70 glt se with 96k miles. My first volvo. The ETS light came on the second day I had it [I figure the guy cleared the codes before selling it, then it came back on for me]. It drives fine. Idle is a little rough at times and I swear it smokes off and on, but it's possible that's just the weird weather. Slight smoke out of the dipstick when it's removed with engine running (probably need to clean PCV).

My cheapo OBD-II code reader comes up with:
p0014: camshaft position code
p1550: speed metering / maybe ABS

By clearing the codes my ETS light went out - but I haven't driven it much since then. My question is, what does that have to do with the ETM system, and does it sound like my ETM is bad? Why would it bring up the ETS light rather than check engine?

[Gubernaculum]

P.S. The ETM looks to be original (white label) - so with 96k I know it will need to get replaced soon no matter what - but if I can put it off for a while I would like to. I'm hoping someone will do more R&D and competitors will bring the price down for ETM replacements/ work-arounds since there are no longer any extended warranties to fall back on.