I was considering a 4th gen or maybe even a 3rd gen model. Just wondering why people rebuild their engines so often... Also, will a newly rebuilt LS1 (or similar small block) engine last say 200k with daily driving and occasionaly spirited driving?
Only if you pound the poo out of it. My busted because I ran drag radials every day and could dump the clutch at 4000rpm. I doubt many people who are concerned with getting 200k miles out of an engine are going to be driving their cars like that.
FWIW, if you buy a 3rd gen, it's going to more than likely be ready for a refreshening (ie: high miles). So, get yourself a LS1 car and enjoy it for a long time.
Besides the drive train, ANY car that you plan on keeping for a long time will need things (suspension parts, brakes, etc). Good luck.