My 92 Bonneville has illuminated the CEL is throwing a code for a bad cam sensor. I replaced the crank sensor about a year ago, so I should've figured the day was coming...

What is involved in replacing the cam sensor, and is it going to be a $*@!( of a job like the crank sensor was? Where is it located?

I have to say, for having 200,000 miles on the 3.8l (bought it with 65000 miles in 2001), the bonnie never lets me down and still gets 30+ mpg on the highway.

It is very simple to replace the cam sensor (if that is what is wrong). The location is shown below. One bolt holds it in place. While you have it out, use a mirror to check the cam magnet. You may have to rotate the engine until the magnet appears through the hole. You may need an LED light for better viewing. Remember, code 41 can also be the crank sensor (Again)!
http://img212.imageshack.us/img212/6240/sensorlocationve3.jpg

last one I saw with this code- had the cam magnet missing- fell out-- engine has a one in six chance of running properly- owner did not want to pay for the fix- which is to replace the magnet - by removing the timing cover- so he chose to continue driving it- with the rough running....magnet missing was very easy to see with a lighted boroscope...