I like bench racing. There are, I am now positive, more than one size horse. Long ago when I came to that realization it cleared up a lot of confusion in my mine. The shop manual for my 41 Knucklehead Harley notes it has 9 or so HP. As the old girl has 74ci it is producing .1216 [note where the decimal point is at] horse power per cubic inch. As it can run 85 MPH [flat out, layed down] it is possible the pre war engineers were likely talking about a few reasonably sized plow horses. Last quarter I was at a local college and a student was looking at a website that stars a killer Toyota four banger. The dyno pull that they were crowing about showed 3000 HP. Almost 34 HP/ci. Probably Lilliputian ponies.
On a side note, I'd like to know what Toyota engine that is that you mentioned. The highest power density automotive piston engine I know of is BMW's turbo F1 qualifying engines of the mid '80s. 1.5L(90ci) and in excess of 1400hp. That's 16hp/ci and they were only able to do it with experimental gel fuels and 80psi of boost. I find 34hp/ci rather unbelievable.