When GM announced this engine, I was pretty surprised. First came all the tech specs (and this is a pretty high tech engine) then came the power ratings. Well, for all the tech the power ratings were good but not spectacular. For example, the smaller 2.3L Ford 4-cylinder turbo found in the Focus RS makes 350HP and 350lb-ft. I understand this is a truck engine and needs to survive towing, etc. But it is considerably larger. So at this point I assumed GM's plan was to produce a truck engine with "adequate" power but excellent, class-leading fuel economy.
So when the EPA's numbers were released, my conclusion was that this is a fail for GM. What is the point? It produces mpg numbers that aren't much better than a 5.3L trucks, but with less power and a much costlier engine to produce. The tech in this engine is extremely impressive, from the thermal management, the sliding camshafts, dual-volute turbo, variable oil pump, electric water pump / no thermostat, etc, etc. Clearly there was a lot of R&D money spent here.
Being a 2.7L turbo, it is only natural to immediately compare this engine to the Ford 2.7L turbo. Here is where the GM fail becomes apparent - Ford is achieving better fuel economy and producing more power and torque from the same displacement, and with less tech. No doubt, the Ford 2.7L is a fairly high-tech engine but not to the extent of the GM 2.7L. GM's lead engineer on this project brags in an SAE article about how quickly torque is available - "90% available in 2 seconds, which is better than any of our turbo competition [Ford]." But the problem is that the 2.7L Ford would absolutely smoke the 2.7L GM truck in any and every race, all while probably getting better mpg.
The argument about "base engine" has already been debunked earlier in this thread - this engine actually costs more to get than the Ford 2.7L in certain configs but in reality is about the same price.
In the end, I think the GM 4.3L is a far better base engine than the Ford 3.3L...but I cannot believe GM put as much into this engine as they did to achieve only "average" results. Perhaps as others have mentioned this engine will exceed it's EPA ratings. I agree this would be a very nice engine engine to put in the Colorado - especially given the Ford 4-cylinder turbo is for now the sole Ranger engine, and this motor would whip the Ford 2.3L in that regard. (Of course, see my comments about the Ford 2.3L in the Focus RS...clearly there is more power to give if desired.)