They are great engines but saying you can make twice the HP of
any SBC/BBC with an LS is stretching it a little bit. The stock heads work extremely well so they do respond well to mods. 200cc runners and 15* valve angles make a big difference compared to any other production heads.
You gotta figure in more than just the cost of the engine itself when making a comparison too though. If you buy a standalone or adapter harness its probably gonna push the cost up to around $1000 just to get it in there, not including the engine. That's if you wanna keep everything functional and factory appearing. All that little stuff adds up, but still the most cost affective swap to make if you're starting with a clean slate.
I don't think technology stopped when the LS went into production since
there's still plenty of aftermarket companies coming out with new parts for the SBC and BBC. It's still just a pushrod V8