Whether it's important/desirable to have a high specific output is debatable (and dependent on context!), but HP/L tells you more about an engine than peak HP by itself.
Just the fact that this engine makes 300hp from 5.8L implies that it possesses a strong low/mid-range as has been stated, particularly compared to, say, a naturally-aspirated engine that makes 300hp from 3.0L. It also implies that the 5.8 would be cheaper to manufacture than the 3.0, may require less maintenance, and possesses more tuning/aftermarket potential.
It's really quite straightforward. Around 50hp/L you've got a "lazy" engine that likes to loaf about at lower RPMs and is generally strongest in that range -- it could be a big grunty V8, or it could be a workaday engine built for longevity and low cost. Getting up to 100hp/L, if naturally-aspirated, involves a high redline and peaky camshaft-dependent power delivery, usually with DOHC and a considerable engineering investment. Since it's a rough estimate of how "hard" the engine is working, the lower the HP/L, the more room you probably have left for upgrades, and as you climb higher in HP/L you'll have to spend more money to get any further.
Specific output is perhaps even more useful when talking about turbocharged engines. 100hp/L is basically the standard these days and probably involves a smaller turbo, while anything that goes much further than 150hp/L will involve more turbo lag. The higher the HP/L, the more boost-dependent it is (see: 1000hp 2JZ-GTEs) and the more likely it will need things like upgraded internals.
"Meaningless"...yeah right. One can argue against the notion of a high HP/L stat being the "end-all" of an engine without scrapping the metric entirely. To me it's about the most descriptive thing you can get out of a quick glance at a basic spec sheet.
(EDIT: Last part removed because Zenith edited his post.)
Just the fact that this engine makes 300hp from 5.8L implies that it possesses a strong low/mid-range as has been stated, particularly compared to, say, a naturally-aspirated engine that makes 300hp from 3.0L. It also implies that the 5.8 would be cheaper to manufacture than the 3.0, may require less maintenance, and possesses more tuning/aftermarket potential.
It's really quite straightforward. Around 50hp/L you've got a "lazy" engine that likes to loaf about at lower RPMs and is generally strongest in that range -- it could be a big grunty V8, or it could be a workaday engine built for longevity and low cost. Getting up to 100hp/L, if naturally-aspirated, involves a high redline and peaky camshaft-dependent power delivery, usually with DOHC and a considerable engineering investment. Since it's a rough estimate of how "hard" the engine is working, the lower the HP/L, the more room you probably have left for upgrades, and as you climb higher in HP/L you'll have to spend more money to get any further.
Specific output is perhaps even more useful when talking about turbocharged engines. 100hp/L is basically the standard these days and probably involves a smaller turbo, while anything that goes much further than 150hp/L will involve more turbo lag. The higher the HP/L, the more boost-dependent it is (see: 1000hp 2JZ-GTEs) and the more likely it will need things like upgraded internals.
"Meaningless"...yeah right. One can argue against the notion of a high HP/L stat being the "end-all" of an engine without scrapping the metric entirely. To me it's about the most descriptive thing you can get out of a quick glance at a basic spec sheet.
(EDIT: Last part removed because Zenith edited his post.)
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