Yesh. Even the 7.0-litre LS7 V8 from the Z06 puts out power of epic proportions. The best part is that the LS engines still use pushrods Hell, I'm sure the C6 'Vettes still use leaf springs and live axle rear suspension.
Yeah, probably why they still use them. God I'd love to shoehorn one into an FD3S one day. There were quite a few of them at Sevenstock who had LS7's in their FDs.