Not even close. I just walked downstairs and asked for the dyno setting at 50 mph - 17.5 hp for a F150 diesel (this is at the rear wheels) - figure less than 20 hp at teh crank which is about .07 hp/in cubed. For an O-360 (at the same hp/ cu in), this would be a grand total of 24 hp - I think you typical O-360 will put out more than 24/0.7 = 32 max horsepower.
Yep, you get the prize for the reduced hp at auto cruise correct. There is a big difference between maximum RPM with a partialy open throttle, and a wide open throttle at maximum RPM's.
Problem is, that has little to do with why auto engines are not widely used, or considered unsuitable by many people.
As Ron Want-a-jaw said, <g> few internal parts, or parts of the basic auto engine are causing failures in airplanes. It is all the stuff that has to be added, such as home-baked ignitions, electrical systems, fuel supply/inductions, cooling systems, and redrives, which of course can cause the crank or bearings to fail if not correctly implimented. It also would be interesting to see what the reliability factor was for the auto engines once they got sorted out, past say 200 hours. Ron, you want to get on that new study, right away, please? <g>
I'll bet that they are more reliable than certified engines, after that. Most never get that far, because most do not build on the experiences of others, and the owners get tired of fixing instead of flying, or scare themselves.
Take for example, a very popular V-6 engine in homebuilts, the Chevy 4.3 L, or you could as easily say the Ford V-6. (3.8L, I think)
That same engine is taken from the casting line, machined, has stock auto cranks and pistons, valves and all the rest put into it, and sold to a company such as Merc-Cruiser as a boat engine. Different cooling pumps, ignitions and inductions are normally used, to do away with the computer, among other things. Still, it is the same basic package that starts its life as a so called "industrial engine" in a power boat.
If a boat engine has the right prop on it, it will be at wide open throttle, and at near redline, or at least at the maximum torque to RPM value. These engines DO spend their life at these very high HP levels, and will happily do so for hundreds if not thousands of hours. I don't know of a single airplane engine that is run as hard as 90% of these boat engines, and if it is one of my boat engines, darn right, I expect it to run at 100% of its rated HP, for an hour or more at a time, and still expect it to start reliably, and run, for many years to come. Would I run an airplane engine that hard? Not quite, but would not hesitate to ask full power for takeoffs, or very near to it. I would throttle down to 75% of the maximum HP while in cruise, but mainly for noise reduction, and fuel consumption; not for fear of blowing up. I have proven to myself that the engine is good for very extended runs at 100% power, but on the other hand, there is no sense pushing luck! ;-)
If a boat engine has the right prop on it, it will be at wide open throttle, and at near redline, or at least at the maximum torque to RPM point.
Can you do this to every auto engine out there? No. VW beetle, for one. Many of the inline 4's might have some problems. But, if it is based on one of the popular GM or Ford V-8's, (as are the GM and Ford V-6's) then you have nothing to fear from the basic engine, itself.
You had better do your homework when it comes to all of the other stuff that makes engines run, though. It's those items that pose the "gotcha."
Why did Orenda not make it? Too large a goal, I think. 600 HP out of a V-8 puts it up there near racing engine outputs. Racing engines do not live hundreds or thousands of hours. Also, the other missconception is that Orenda was a stock GM engine. It was not. It was based on one, but was its own casting, and had some other modifications done to it. Still, some people were very happy with them. It is a lot of tradition to buck, to be put on one company, to get everyone to accept an auto style engine as being equal to the accepted old style piston airplane engine.
So, is an auto engine going to come along to be the next accepted airplane engine? No, not any time soon. Is it possible to fly behind an auto engine safely? It is possible, but you have to make up your mind; are you going to tinker, engineer, study other's attempts, or you going to put something in that everyone accepts, and fly it?
Your choice. Be prepared to do your homework, and break some new ground.
Jim in NC