There is no denying those were the good ole days, I mean can you imagine something like the R35GTR running a VTEC type system along with the huge sequential turbo's. The more modern fuel injection systems are undeniably more complete and allow more power for less fuel and more precise control etc, those old engines started it though. The only true "money no object" engineering playground of late I can think of is the Veyron, the engineers got told go make something happen and they went off, had a bit of a coffee, started designing and made one of the most epic vehicles of all time. Yes you can get over 1100bhp from a Supra 2JZ-GTE but that is engineered by a multitude of companies and parts and your own vision not just one company having at it and making something remarkable.
That said there are still glimmers of that mentality, the R35GTR with the special lip to keep the tyres on the rim as it corners so fast, the Lexus LFA with it's digital dash because "normal" instruments can't keep up with the gain and drop in revs, the Atom V8 is a monster of two Hayabusa engines that screams up the revs and makes monster power for it's size and the frame it's mounted in, even up to things like the Gumpert Apollo and Capparo T1 show some of this mentality. It's something we as enthusiasts know very well, we all pursue our own ideal and make some epic machines, now if only car manufacturers would give some of us or even thier own engineers a blank cheque to make a monster of a supercar and something like those old engines might be produced, bombproof and enough power and torque to reverse the spin of the planet.
We can only live in hope.
On a side note, if you know a few tricks about coils you can up the "power" of electric motors, I would also say everyone should have one, like Jay Lenno said, when everyone runs electric cars as daily drivers there will be more spare fuel for enthusiasts like us
