Rascall puts it pretty well.
Though personally, I'd still be inclined to try new pads on the old discs before shelling out on new ones, just to make certain that it really was bust before such an expensive fix.
On the valve clearances, the Ducatitech videos are equally good on this too...
http://www.youtube.com/watch?v=dIj3nSJGPZw
http://www.youtube.com/watch?v=3WQY1MRlmH4
Their suggested method of checking the closing clearances via the opening shim makes things a lot simpler.
I was a little daunted the first time I did it, but its not as hard as you might think and you can't really mess anything up unless any shims actually need changing, which they often don't.
Doing it yourself is also great if the bike is a long-term keeper as you can build up a record of the changing state of the clearances over a long period and thus be able to predict when adjustment is likely to be needed, as well as just getting to know the bike that much better.
Not worth the risk if you're ham fisted, but any half-competent mechanic should have no trouble checking the clearances.
I'd recommend leaving shim-changing itself to the experts though, unless you're particularly nifty. Even then, I'd have my worries and would want to recheck after a few miles.
My bike has just clicked 13,000 miles and has never seen a dealer's workshop in its adult life. Up to now I've had to change just one closing shim, and then only because I was being fussy......and I know which one is likely to need adjustment next and I already have the shim.