"No displacement for displacement"........BUNK! You cannot make generic statements like that.
Do not confuse displacement with HP. It's not how much displacement you have but how much you can stuff in that displacement. Perfect example: early 80s Corvette 350ci had 202hp, early 00s Corvette 350ci had 354hp, 07 911 215ci (n/a) has 355hp!
There absolutely is a replacement for displacement - efficient components or forced-induction. Dont forget that a turbo engine has the potential to stuff an additional equivalent of its displacement into the original displacement for every 14.7psi boost. Sound confusing? That means an RB26 at 14.7psi has the potential to stuff 5.2L into its 2.6L displacement. At 29.4psi, it is up to 7.8L packed into 2.6L displacement. Obviously, the 7.8L intake charge is compressed, then the compression stroke compresses it even more. Ignition, BANG, big HP from smaller displacement.
So, like I said, its not what the displacement is but how much you stuff into that displacement before you light the candle.