A carbureted engine can produce just as much horsepower as a fuel-injected engine. The trick is tuning. Probably the main advantage of fuel injection is its "tune-ability." With an LM-1 air/fuel ratio meter, and a little knowledge, any carburetor is tuneable. Here are some links and articles on carb tuning:

• Wideband Tuning for Carbureted Drag Racing
• Old School Meets New School: How to Get EFI-Quality Mileage From Your Carburetor (Chevy High Performance article on tuning the LM-1 and AuxBox)
• Become a Carb-Tuning Hero (Car Craft article on tuning with the LM-1) 
• 426 Hemi Challenger GTX (Excerpts from Muscle Car Enthusiast, September, 2004)
• '67 Firebird Quadrajet (Excerpts from High Performance Pontiac, October, 2004)
• Tuning a Marine Carb (Excerpts from Family & Performance Boating, September, 2004)
• Jetting a Race Engine (Excerpts from Circle Track, April, 2004)

The various carb manufacturers' websites also have useful information:

• Barry Grant- Tuning Tips and Trouble Shooting
• Holley- Selection Guide and References
• Edelbrock- Carb Index