From what I know the LT1 is an awesome engine. But I have "love" for the LS7
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LS3 is an awesome engine.
At some point the debate can go to whether or not a OHV or OHC makes a better engine.
Looking at all the hardware in the LS7, I'm not sure there is much better out there. I think that within the bounds of all the requirements it's about as good as GM can do with a large displacement V8 and very little cost pressure.
With CAFE there dictating the future and global business pressures, will we see an evolution of the LS7 engine? An L"T"7? I would very much be interested to see that.
But within "mass production" guidelines and cost structures, I think 450 HP V8s (LT1 and Ford's Coyote) may be the pinnacle of affordable HP in performance cars.
I don't think we are going to see a loss of performance like we did in the early 70s and again in the early 80s due to emissions and FE pressure. But I think we will see changes in the "propulsion system" in our performance cars. Now it remains completely possible that GM will find a way through this. They did starting in the mid to late 90s through today. But in 10 or 20 years, we may see electrons doing more of the work.
I remember the C5 Z06 popping over the 400 HP line and that was a big deal. Now we see the LT1 putting out 450 HP, getting pretty incredible FE numbers in the Corvette and setting a new standard.