Mind if I take both sides of the issue?
These myths have some truth to them, but the issues are easy enough to MOSTLY completely overcome.
I think the differences between a 331 or 347 are small enough when put into the context of our "weekend cars" to allow for snap decissions.....
If a person is looking for "reliability" "stick to stock", (and the stock power output that goes along with stock).
A simple rule of thumb is that increased performance = less reliability and longevity...
There are exceptions for sure, but rest assured, if you have a 289, a 302, a 331, or a 347 that is making north of 450 HP, it's longevity and reliability, (on average), WILL be LESS THAN a STOCK engine.
Of course this rule only applies to cars that are driven, and I am sure someone will chime in about their 650 HP SBF that turns low 9s at the drag strip every weekend and still lasted just short of 250,000 miles......
But, there is no free lunch.