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I think you asked fair questions, don't worry about folks getting passionate in their comments. There are some VERY efficient N/A hp/liter cars out there like the S2000, and others like Porsche who het a good number with a power adder. The Z06 (and for that matter the Viper) get their power the old fashion way - cubic inches.
You have a car that makes 350 RWHP bone stock, and with a few simple bolt-on's you can bump that number another 30 points. Some of these mods (CAI, headers etc.) do not have wide enough appeal in this market to make it cost effective for GM to do it on a mass productionn basis. DO you see the "average" Vette owner willing to get out tools and spend 30 minutes to change out/clean the air filter on a Vararam?? Not likely :) Notice that what GM did to take out weight in things like sound deadening has some owners compain about hearing noises now. Some say go buy a Lexus if you want quiet, I say go but the C5 coupe :)
You mention a cam. The cam in the 02/03 is already pretty aggressive for a car to pass 50 state emissions AND in a car that delivers 28-29 MPG on the highway! Again many drivers would not like the driveability of a more aggressive cam, plus emissions would be an issue in many states.
So, could the general have squeezed out a few more ponies? Sure, but I say be happy with what they DID accomplish and spend a few $$$ making your car even more right for you.
You seem scared that Porsche has produced an engine that produces 380 HP from 3.6 litres, without a turbo. Ferrari has been doing this since 1994 (europe 95 USA). Whoop-di-friggen-do. Porsche figgured out that they culd take a racing block (its strong enough) put in a bunch of goodies (titanium rods, pins, valves,...) and spin the crap out of it and get good power. Porsche also figgured out that people will pay good maney for them to build such cars, so they don't loose money on them.
Now what you should be complaining about, is that if Chevy put out a 350 CID of similar power levels it would have 612 HP and 430 lb-ft.
that was my point exactly is the the 996TT is a turbo motor that competes in objective performance with the vette. I know I had one and its not all that. It is a terrific car but it is not worth the money. The GT3 will run with the vette and has a higher per liter specific engine output, but then again it is going to be sold at vast mark ups and limited #s. As far as vipers being limited that is nothing more than an opinion. Sure 1500/year is limited # s....but the production run is going to continue at this pace for a while. Its not like the car will be issued onec at 1500 and stopped. I look a limited production issues more like the GS vettes or GT2 porsches. Small numbers and not repeated year to year.