Even L/D maybe a bit over rated. Look at the American Traveler AA1A, I remember Grumman advertising a 144 MPH (Statute) top speed in TR-2 guise. And that puppy had an rather interesting glide ratio. It's all about lightness, power to weight and some attention to drag.Clearly, no sailplane pilots have checked in to this thread yet, and all shots have been on the paper, but nobody's hit the X ring yet.
The holy grail of airframe performance is L/D, the ratio of lift to drag, most easily achieved with a monoplane, and in the most extreme form by a canard or a sesquiplane on the order of a Rutan Long Eze or a Quickie. Given that a sleek efficient monoplane like an early Bonanza is relatively easy and economical to design and produce, and is the more efficient layout it's not surprising that paradigm has become dominant. Try matching a Luscombe's or an Ercoupe's performance on 65 HP with a biplane, or a Cessna 170's on 145 HP.
The increased expense and reduced performance/HP of "modern" GA aircraft vis a vis their ancestors comes from hanging more gewgaws, "luxury", and STOL airframe mods on them, and the additional HP to compensate. Compare the E185 powered Bonanza mentioned upthread with its most recent descendant in the Vee tail line. More electronics, more weight, more seats, more luxurious appointments, more HP, and of course, MUCH MORE $$$$$$$! (But less performance/HP) The sports coupe has become a limousine.
Cheers,
Wes
(Although, remember the press surrounding Lopresti's Mooney 201?)