Its too expensive to make power on an MR2. You might as well just build the fucker.
Bolt on's like turbo, intake, exhaust, will only net you about 250whp. Anything after that takes big moves.
Expensive water to air to IC or extensive modded trunk mount.
Cams/Gears installed and tuned is about 2k
Stock fuel is terrible
Stock intake manifold is horrible
Have to go standalone to get rid of that bottleneck of a MAF sensor.
You can pretty much kiss any high mileage transmission goodbye. Notchy gears and shot clutch.
After all that, the block is good for about 400whp safely.
I say start somewhere else.
I disagree with this characterization, or at least the reasons given.
An upgraded sidemount isn't super expensive and people have pushed close to 400whp with them. Yes, you need a trunk mount for "big" power, but at that point, any platform would need extensive cooling mods. People are also getting around the limitations of the sidemount by using inexpensive water or meth injection setups.
Cams/gears are no more expensive than comparable platforms. If you are cheap, you can drop in 3sge NA cams or gen 3 turbo cams. Then again, you can not mod the cams at all and still make over 400whp (not common, but possible).
Stock fuel is terrible? I guess. What platform can you make "big power" with on stock fuel?
Intake manifold? Seems to be good to 576whp:
http://www.mr2oc.com/showthread.php?t=345051
The transmissions will wear just like any other car. But generally they are bulletproof. The later updated 93'+ transmissions like drag racing more than the earlier ones. But otherwise, all the 9-second Mr2's are running stocks trans. If you need visual confirmation:
http://www.youtube.com/watch?v=Pw408w2f_HQ&feature=channel
And if you really feel like any of the above are limitations, you have the simple option of swapping in a gen3 and solving all of the above problems: stock WtA intercooling possible from the GT-Four engine, better cams, larger injectors, better intake manifold, no MAF, and dual cone synchros in the trans.
I don't know what you are comparing it to, but I don't know of another platform that isn't 10-15 years newer that can do what the 3sgte does. As John said above, a gen3 3sgte is very comparable in design and build quality to a 2jz, and makes comparable power relative to it's size. :chicken: