Toyota did take a step back IMO just from the internals stand point.
Take the IS300 for example, it has VVTi, it's still a 2JZ, WEAK internals.
Take the SC300 which does not have VVTi, 2JZ, stock rods/pistons up to 700RWHP.
I would take the SC300's 2JZ anyday of the week over the IS300...