Well, chevyguy, there was one motor to compete with the HEMI and both motors where kicked out of nascar around the same time. The Ford Cammer DOHC 427. Putting an easy 650HP out NA back in the 50's it was a beast. It also had variable valve timing that used a chain gear and how it was enguaged I was never able to find out, RPM or engine load could be possibilities. There where actually a few (neighborhood of 1-5) Boss mustangs that came with a Cammer 427. Nascar decided for some reason to boot it and the HEMI out of nascar. The Cammer is actually still popular among swamp rat and speed boat racers. There is a swamp rat racer out there (i've forgoten his name) that actually created his own cast based on the cammer, and basically just increased the webbing of the block to increase the strength of it. He claims to be getting over 2kHP but then again, it IS a full on race car. You could do the same with an old HEMI.
The 80's cadillacs where mentioned the V8-6-4. Lemme explain why these where utter crap. When cylinders wheren't in use there wasn't any pressure on them and the piston rings would do the exact oposit that they do under pressure, srink. So they had issued with oil leaking into the chamber. The only way I can imagine dodge getting around this in the new HEMI is by maybe alternating what pistons fire they might be able to keep up the pressure just enough. The whole thing sounds kinda pointless, but I'll be impressed if they don't have any issues down the road in 10 years, expecially due to thier poor track record with the 90's cars.
Now, the charger in all of ours favorite movie (que sarcastic voice) the fast and the furious, was rated by the movie studio at 700 HP, wich is VERY low balpark, considering my uncle had a dodge 360 smal block build with a weiland blower to push 1300HP stressing the motor a bit and could run 800HP keeping the engine VERY cool and forcing the blower to do all the work.
Now, honda was the first company with production VVT (variable valve timing) though practically every company in existance nowdays using the same technology. Although it's been stated what it is no body has mentioned why it was done. As most of us know, the Cam controls when the valves open, and how long they're open. The problem that most 4 cylinders have is that with a 8k RPM redline your cam is only optimised for a 2-4k range, thus enter VVT. By using a second lobe on the cam and switching mid RPM the could get low end tourque and still have optimised high rpm flow. You get more power with less gas and emissions, becasue your flow better matches the RPM. With a low RPM specific cam the high RPM range in ineficciant and resricted, the motor wants to flow more air/fuel. With a high RPM specific cam the low RPMs are getting way too much flow and you're wasting fuel, and it also causes the car to idle rough. A good V8 tech will tell you what cam you use depends on where you want the power. The idea of VVT is to get the most power everywhere. Another great trade off of VVT is cars like the S2000 drive like a strong civic around town and rev and perform like a F1 from 6-10k (although the stock redline is 8, wich is bull. The stock type R motor goes to 11k without ill effect, but because it can only "maintain" a 8k rev that's what they're limited to).
Now, something to note is that the one thing HEMI did REALLY well, is putting the spark pug in the center of the chamber. This design has been copied by almost all 4 cylinder designs, becuase the motors are so small they can spare the room on the head. Want me to name off cars like this? Supra, Skyline, VR4, Focus, STI, Evo, MR2, AE86, S2k, Civic, Celica, NSX, and virtually all olther japanesse cars. Most american cars are the same way now, exept the V8 kings. Viper, Vette, and a few others. The V-8 design works best either being pushrod or DOHC, and in the DOHC case centeral spart pugs are common. But the pushrod design has proven itself time and time again, all it needs is some TLC and the design will still be around for our grandkids.