The reason why GM went with big torque down low is because it's easier to drive.
I know this for a fact because I have a 1986 Pontiac Parisienne (Chevy 5.0l 305ci V8).
150hp @ ~4500rpm
250lb/f torque @ 2400rpm
Obviously, it's not a car to race, but I know for a fact that what I just drove about 3 horus ago (Niagara Falls to Toronto, ~110km drive), I NEVER shifted out of 4th gear, and I was accelerating and passing people pretty nicely at about 75mph. And I drive a whole week on a tank of gas, although my tank is 25 gallons

Sure it is an old car, has 280k (about 180k miles), but it's VERY reliable (only 2 breakdowns on the road).
The reason why I've never had to dig into the engine?
I don't have to rev high in normal driving.
When I was driving, I noticed that most cars had to shift to get into the power range to pass me, however I didn't have to.
So while I never touched 3000rpm the whole trip...the other cars were pushing 3500rpm commonly.
So not only are their engines getting worn, but also their transmissions.
Sure cars are "made better" these days, but you CANNOT say a car that shifts and revs higher WILL last longer, because that's nearly impossible.