If all you care about is power for the dollar than get a big pushrod v8, really.
There are a bunch of other reasons I'd much rather use a 1uz.
The power band of the 4.0L 32V engine is nice and smooth, not just a big torque hump in low rpms.
Reliability is a tricky issue. Part of it comes from engine design, the rest from the precision that it's built with. Toyota was excellent in both areas.
Power handling and longevity are two different areas of reliability as well. You can build almost any motor with aftermarket parts and have it handle a lot of power but the 1uz was made to last.
I think part of the reason the 1uz lasts a long time is that it works efficiently, to minimize engine wear. It can do all the work it needs to for normal driving while maintaining relatively low piston speeds thanks to a well-flowing head and small stroke. Efficiency also means good gas mileage, of course.
And now are the advantages of a 1uz over newer engines:
1: Availability/Cost - The engine is at an age where they are fairly easy to find and easy to get parts for.
2: Complexity - Newer engines that have complex variable valve control and stuff like direct injection do not lend themselves to modding.
3: Community/Aftermarket - lextreme.com (all I need to say)
There's one last reason that I bought a 1uz to put in my car:
I've got an MKIII Supra, so it just makes sense.