For a long time, aero engine technology out stripped any other engine techs. Going from two valve rotary to single valve rotary, then to radial with valves and without (sleeve valve engines and inline and the Vee engines.
In the early thirties, they had multi-valve, twin overhead bevel driven cam engines with alloy pistons (e.g. Kestral and Merlin V12s). It wasn't till jets became more common that piston engined aircraft started to slow in their advancement.
Cars (Ford as an example have only just introduced their first twin cam Falcon) were very slow to take in the new technology. Ford Introducing over head valve V8s in the 50's and 60's - old tech for Damlier, BMW, Rolls Royse, etc.
The reason that EFI systems were/are not popular with aero engines is because of the alititude changes. It is harder to measure air volume at higher altitudes and to get the perfect 14.7 to 1 ration for air to fuel weight - hense the mixture switches that allow for it. Even in South Africa (because of the ground altitude) you could still buy carburettored vehicles well into the '90s.
Regardless of the 120 year old design of the piston engine, anyone who could build one as a reliable, commercially viable product is a genius.
And I'd also be willing to bet that not all Lycoming and Continental models are perfect.
Stanzahero.