To Steeroid: I certianly dont take any offence, rather welcome your step as it brings me to this thread 
As far as the discssion about engine development goes, I feel that requirement from cars have reduced significantly. i willnot comment on legevity of older engines, but how often did people cross speeds of 100+ then and now. even thought ehtraffic has simply exploded. You need higher power but only to a degree.
Take Formula 1 for e.g. This is the place whre all development take place. there too they have decided to focus more on reliability, efficiency and longevity rather than sheer power. With higher power there comes a compromise of safety. So in the era of big powerful cars in US, there were too many accidents and fatalities. That is when regulators became more strict regarding the safety features and car companies reached an optimum level speed and safety.
Cars that we see today give much better mileage for the same horse power. They require lesser maintainance than before, and are treated much more roughly (ACs mostly on, high revs, far greater use of brakes and clutch). still the engine and chasis feel much more comfortable and refined than ever before.
Last point is that developing a new engine is a very costly affair and returns on that high cost are no longer viable. This is not say that engine will not get developed further but the focus will be more on features, safety and efficiency rather than horse power. BHPs too will increase but at slower pace.
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