Ken,
If one takes the right engine to start with, then the power that we ask the thing to deliver is not the problem. After all, the rest of the world drives a lot faster than you guys do in the US (Germany is just around the corner from me, and doing 120 mph+ for extended periods of time is certainly no exception there, provided you avoid the busy hours). My car has 200,000 miles on it without exploding or anything.
It's the systems surrounding the engine that pose the problems.
Gearboxes are often not fully developed and can fail from torsional vibration or simply wear out. Fuel and spark delivery systems are pretty well developed, but can still pose challenges (especially in getting the thing to start properly, but any Lycoming driver could say the same). Fuel systems pose their own challenges, as do electrical systems. The big killer seems to be cooling though. Funny, as we've known for 65+ years how to cool a liquid cooled aircraft engine. Somehow most builders and vendors chose to ignore this knowledge and follow the beaten path to failure instead.
The secret to good and efficient cooling of a liquid cooled engine is in the placement of the radiator(s). These should NOT be FWF, period.
Just compare a P40 Kitty Hawk to a P51 or Spitfire. That big, ugly chin radiator on the P40 was draggy as sin, and the Spit and P51 cooled better despite having more horsepower. Go figure.
And yet we see everybody horse around with ever larger radiators under the cowling. Sure, given enough overkill you'll get these to cool the engine, but at what cost in terms of drag (and frustration)?
Putting my money where my mouth is, I installed two radiators in the wings of my Jodel and - after admittedly lots of experimenting - get superb cooling. In any kind of weather I can idle it on the ground all day without overheating, then take off and climb to whatever altitude at full power, even at Vx if I want, without the needle ever moving one bit.
My personal bottom line: Indeed, installing these engines is not for everybody. They are definately NOT the plug-and-play that the vendors want us to believe. But if you do it right, these engines CAN be the best thing since sliced bread. Silent, smooth, powerful, economical, fast. I wouldn't fly anyting else...
My 2 cents...
Hans