I'm not sure where people are getting more than 300HP; I'd like to see some dynos of those cars and a bit of history on how long they lasted.
"Good" things:
Lightweight
Dissipates heat fast
Responds well to boost (see "meh" things for R/S ratio)
Heads flow reasonably well
"Meh" things:
Rod/stroke ratio is marginal; more amicable to N/A than the 4cyl
Mediocre cylinder filling, partially due to rod/stroke ratio
Crank main bearing cap bolts are anchored in the block by only two steel press-fit dies
"Bad" things: The power limit of these blocks is all on the bottom end...
Crank main bearing caps are relatively small
Crank main bearing caps aren't girdled and are only 2-bolt design
Crank main bearing caps in the center (heavy load-bearing) section are an M8-sized bolt (thin)
The problems come when you get lots of cylinder pressure pushing down on the crank. A V6 has a very short crank length, so you only have four main bearing caps to hold it on (Pulley End -> Cyl 2/3 gap -> Cyl 4/5 gap -> Transmission end). So each main bearing cap is responsible for more load than, say, the 4-banger motor (or an 8-banger).
Unfortunately,as the block is aluminum, you don't have the same structural rigidity as you might on a cast iron block. Not a problem right, because there are aluminum blocks making 1000hp out there? Sure there are, but they've got four bolts holding each bearing cap onto the block, and all of the caps are girdled (ie - attached to one another) so that other less-loaded caps can help offset the load of the others.
Further, while 8mm studs aren't inherently a bad thing, the problem is with the "gripping force" of the matching steel dies inserted into the aluminum block. A bigger bolt would need a bigger die, which would present more surface area to grip into the block under severe load.
The "clif notes" is something like this:
The Delta block will work very well for N/A application -- opening up the head (cams, valves) will do wonders, as many of you already know. They're best suited for keeping the torque to a reasonable level and using RPM's to stretch your horsepower curve out as far as you can get it.
Unfortunately, boosted applications are not so lucky. They will respond well to boost, but they will quickly reach their structural limit after the ~300HP mark.