1.) Well answered already by the HowStuffWorks page
2.) HP/displacement doesn't mean a whole lot by itself. The Honda 2.4L is a great engine, no doubt. Lots of power from a small engine that can be fuel efficient if you drive it. What you need to pay attention to is the power & torque curves. You will see on an engine like the S2000's 2.4L that relatively small amounts of torque are produced, and the curve itself will probably look like a steep mountain; starting out small and going up & up. Horsepower should be similar. At lower RPM's, there will not be much horsepower produced. As you break the 5-6K barrier, a sharp increase in horsepower should be present. In order to produce the power it does, the Honda engine has to rev very high. It relies on making less power per stroke (if that is the right terminology) but being able to rev higher at a faster rate.
Let's compare that to the Hemi. Eight cylinders versus four allows for significantly more amount of torque being produced, giving you a LOT more torque from even 1,500 RPM's. Horsepower will slope up as you go up the RPM's, but not a drastic amount. Torque itself will peak somewhere in the middle to upper RPM range (don't know the rev limit on the Hemi's), but overall stay fairly linear.
The differences in power and distribution are due to a lot of factors, not the least of which is number of cylinders. Other things are number of cams, head & intake manifold, & intake/exhaust timing. The Honda probably has more intake & exhaust valves which makes it more efficient than a four cylinder w/less valves; but to use that to its full potential and do more work per stroke, it has to rev higher and thus produce more power in the same amount of time.
In general:
V6: torquey with moderate HP, some engines like Honda's 3.0L V6 offer more high end HP than torque
I-6: good compromise of torque & HP
I-4: mainly mid to high end HP, less torque; an I-4 can generally be tuned to make up to 170-180 ft-lbs torque in the mid-range but only with larger displacement (2.2L or greater); or an I-4 can be tuned to make lots of HP but only at very high RPMs (i.e. S2000)
H-4: seems to be a good compromise of torque & HP, with an apparent advantage with forced induction (turbo or super charging)
V8: LOTS of torque with comparable HP; generally lower RPM but with torque available throughout the power band; can be tuned for high RPM and high HP with comparable torque, like the previously mentioned Chevy LS7 7.0L; small displacment (<5.0L) can be tuned to rev high and make LOTS of high-end HP
I hope this helps, and anyone please point out any flaws in my logic here; I'm no expert, just a guy who likes cars
EDIT
Forgot #3) HowStuffWorks explained advantages/disadvantages well. Of course there is the fuel economy issue and low-end torque versus mid to high-end power. The 3.3L V6 in my car makes about 180 ft-lbs @ 2500RPM (crappy, i know) and 150HP at 5200RPM. My gf's 2.2L I-4 makes 145HP @ like 6000RPM and maybe 140 ft-lbs @ like 3000-4000RPM. My car I can accelerate to 2500RPM in 1st-3rd gears and comfortably be at ~50MPH. She has to rev to 3000RPM or more in 1st-3rd to get to the same place. And even if my engine DIDN'T have 170K on it, she would still get better gas mileage than me. This changes a little with a V8. If you take a light-weight, aerodynamic vehicle (Vette) and put a V8 in it, you have the potential to get better gas mileage than a comparable V6. Staying with the Vette, it makes a LOT of low-end torque; with a manual transmission you could easily only rev to 2000RPM or less and get to 50MPH easily. Try the same thing with a V6 and chances are you will end up using more gas. I know this isn't 100% accurate as a lot of factors are present, but just look at EPA ratings:
Most V6 sedans today get 20MPG City, 28MPG Highway. A 6-speed Vette gets 20MPG City, 28MPG Highway. Much larger engine, pushing a car similar or slightly less in weight, getting the same gas mileage. In fact I've heard of people with 6-speed V8 Camaro's/Firebirds getting 21-22MPG City and 30MPG Highway.
Anyway, I think you get the idea