Well there is no question the LS motors have many improvements in them over older GM motors. Though most of those improvements can be installed into a older GM motor but the prices will be close.
While many say LS motors go for cheap, I have yet to see them go for cheap. Then installing a motor into a car never designed for that motor and changining everything over from SBC, SBO, whatever to OBD2 LSX is still not cheap. Plus the learning curve for modern OBD 2 EFI systems with learning how to read and edit 3D maps and other such things. It's pretty much just a huge change from everything we were used to. You have to relearn everything again. By the time we get used to all the new tech, they will come out with something new and more complex. Everything becomes obsolete, SBCs, SBOs, and all the other older GM motors are slowly going the way of the Ford flat head V8 and model T. Heck one day even the LS motors will go that way as the next big thing comes along either being another IC engine design or something completely different like electric motors or some other form of new power plant. Just enjoy what you have, if you don't then get something else. I won't worry about keeping up with the Jones since that is a quick way to end up broke and never happy.
As to Olds307, don't knock on SBCs so much. They are very reliable motors that can live till 300K easy. My old 305 still had hatch marks and no ridge at 100K on it's cylinders (had to pull the head to remove a snapped off exhaust manifold bolt). Even with the emissions "junk" and computer it still makes 240 HP and gets 20 MPGs. One of the things I learned is that 80s and 90s SBC blocks are much better than 70s and older blocks, better iron and machine work. I never understood the rivalries the different GM guys seem to have.
85GP, I don't know what you did, but there is no way an emissions legal 350 should suck if designed and built right. It's tech alot of hotrodders did not want to learn, now with the even more complex LS stuff you have to.