So much depends on the geometry of the engines. Two engines with the same bore, stroke, rod length, compression and airflow numbers would theoretically generate the same power curve. In that case, the lighter engine should win out every time.
The LS series engines are a whole different kettle of fish. Not only are they more like a "mid-block" in terms of displacement, most of them are aluminum as well. Personally, I'd love to see more development go into marinizing these engines.
It's are pretty amazing if you think about it. The basic small block is now 54 years old and has grown from 265 to over 400 cubic inches, and the big block is over 40 and has grown from 396 to over 500 cubic inches. If you count aftermarket blocks, the numbers go even further. Granted, there have been many "Generations" of these engines, but the basic architecture has to have been pretty d@mn good.