That saying is never out of date. Never will. You can have volumetric efficiency in both engines & the 360 would be that much better. Every 318 lover out there likes to put up an argument for the 318 that with a cam & some head work & a good intake & headers blah blah blah you can make more power than the stock 360. Well it isn't gonna cost you any more to do all that to a 360 & you'll definitely make more power doing it! They act like the only small block parts out there only fit 318 & 340s.
