The new R07 is GMs new NASCAR accepted engine which is based on the LS line of engines that originaly showed up in the 1997 C5 Corvette C05 and has since been refined and used in the majority of GM performance vehicles.
Pop the hood on a 2006 Pontiac GTO and you will see the the LS6 which is probaly the most visually similar production engine ( of course you would have to visually scrap the fly-by-wire and fuel injection system for NASCARs prehistoric four barrel sloberator set up ) it will also be in the New Camaro!!! anyway this engine has been around for awhile. Some of the best have worked with it ( Warren Johnson of NHRA Pro Stock racing for one ) so its not really new just new to the NASCAR application after finaly being accepted for use. This engine has POTENTIAL far exceeding the current engine package.

The fuel pump failures Smoked mentioned were not on this engine, however the R07 uses the same system.

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The JACK CREW!!!