I wonder what a well tuned 22re using megasquirt or the like puts out for power? Prolly not as good as a 2.7 I guess.
Naturally aspirated? Not much more power than stock. The only difference I notice is a little pinging when I get too advanced on the timing. You would get more power out of a significantly modified motor... But that's not a fair comparison.
I like the new diesels too, but until they get common in the states, I'm not ready to convert. The available toyota diesels are simply too small in terms of displacement.. Give me something 3.0-4.0 of diesel!
I noticed a huge difference when going megasquirt with the 22R + Supercharger. Top end power was better, mainly due to a large TBI and mileage when up significantly (over the carb), as it could lean itself out under cruise conditions.
I'm not ready to vote for a V8.. I did consider a 4.3L conversion, but the required components get expensive and the toyota driveline (unless you've got a 3.0) isn't entirely up to the task. A 4.3L certainly fits a lot better than a V8, leaves room for cooling, and you can get them in forms that produce more than 200hp.
Going from a supercharger I choose a turbo. A 22RE turbo can be done correctly with a simple piston change - you can even use cast pistions if you're on a budget. Jeff Mosk certainly qualifies for producing V8 level of power, although using him as an example is a little extreme.
Rick at Fullboogie has also logged a few miles on an otherwise stock 22RE setup with megasquirt and a nice turbo. I believe he's dyno'd at 170 rwhp in street trim.
Doesn't sound like much, but that's realistically about 2x the power output of what a stock 22RE does...