There are three basic ways to make power from an engine: Displacement, Compression, and RPMs. Most engines balance these in the name of longevity, but then you have sports car engines, which generally employ two or even all three of these methods in heavy doses for a lot of power. The LS7 is a relatively large displacement engine with relatively high compression. It might not rev to 10k, but it doesn't need to. Then you have the S2000 engine, which is low displacement, but has high compression and revs pretty high.
High-revving engines that have pedestrian compression ratios and low displacement make the least power, but do well with fuel economy (ala many Honda engines of the 80's and 90's). High compression engines (eg. diesel) can make decent power with pretty low RPMs and displacement, but require higher octane or special fuels, thus making them less practical in the US. Then you've got big displacement engines that make good power without high compression or high RPMs, but suffer the most in fuel economy. However, when you combine these elements, you wind up with some of the most efficient ways to make power. I'm not talking about miles per gallon so much as horsepower/torque per gallon. I've never come across any good estimates of that, but to me that's a more interesting measure of efficiency than MPG.