Formula One engines are amazing!
They are now 2.4L, 90 degree V8s that are limited to 18,000 rpm - they no longer use turbos. They use pneumatic values instead of conventional springs, and variable valve timing isn't allowed. No team will talk about specific hp or torque numbers, but I've heard estimates from 600-700hp. When I started watching in 1992 they were all 3.5L engines, but you could run a V8, V10 or V12. It was great!
A few years ago, Cosworth had their engines turning over 20,000 rpm in tests. The series governing body, the FIA, stepped in and set a max rpm in an effort to cut costs. At first it was 19,000 rpm and is now 18,000.
In the past the engines were built to run only one race, after that they were pulled and rebuilt. Now, each driver gets 8 engines for the whole season (19 races). If they blow several and have to use more, then they are penalized spots on the grid.
This is another fun video from a few years ago. It's of a Honda V-10.
[media]http://www.youtube.com/watch?v=pdWlnLM8Rmw[/media]