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If you have an LT1, that = The best
If you have an LT4, that = The best
If you have an LT5, that = The best
If you have an L98, that = The best
Basically, when someone comes here and asks what the best engine in a Corvette is, who ever replies to you says they have the best one. They're all good.
They are all pretty reliable, but remember they are not new cars, the newest is 17 years old, if it were a Camry it would be disposable at that point.
A lot of people are quick to point out the optispark, well it was not intended to last the life of the car, it is a maintenance scheduled replacement part. Problem is it is pricey and requires removal of Water pump and harmonic balancer. Sure you don't want to hit it with a hose but you can drive in the rain with no fear, it is after all a glorified distributor cap, and you can't hit that with a hose either.
It is a trade off, I would rather have that hard to get dist cap, over the stuff that's harder on an L98 than an LT1. Taking off the water pump on an L98 requires taking off the a/c compressor, not so in an LT1, easier other than that too. I can have the fuel rail off to replace injectors in an LT1 in like 10 minutes, it takes a couple hours and new gaskets in an L98.
If you have an LT1, that = The best
If you have an LT4, that = The best
If you have an LT5, that = The best
If you have an L98, that = The best
Basically, when someone comes here and asks what the best engine in a Corvette is, who ever replies to you says they have the best one. They're all good.
The LT's offer more in power and reliability, but they are also newer. As Y-Me says, most cars have been turned into rebar by the time they get to the age of the C4s.
I've fussed with Chevy SBC and their derivatives since the late 60s, and a few BBCs as well. But, without a doubt of all those I've had my paws into, the one that is heads and shoulders above 'em all is the LT5. During its development phase, a test mule was run for over a week, cycled between max torque and max rpm, torn down and mic'ed, and found ready to run again. And, just to put the frosting on the cake, the LT5 equipped ZR-1 holds 24 hr world endurance/speed records for a production car to this day. They were hand built to stringent tolerances, and keep oiled and cooled and with their DOHC architecture (read: smaller lighter valves, with significantly less spring tension required)...it is the best of the best V8s GM/Lotus/Mercury Marine ever produced.
The manufacturing breakthroughs developed in the LT5 program are carried over to the current production aluminum motors; the LS and the new LT1 motors. Among C4 motors, the LT5 has no peer.
The LT's offer more in power and reliability, but they are also newer. As Y-Me says, most cars have been turned into rebar by the time they get to the age of the C4s.