HP at high RPM is pretty meaningless in a vehicle like the Element. We need Torque at low RPM, which our 4 cyclinder engine doesn't have a lot of. So we need the engine to be designed and tuned for low RPM power, and economy, which it is.
Fuel economy at high MPH is killed by our aero drag, but if you keep the speeds reasonable, it does pretty good. I've managed as high as 28 MPG traveling mostly at 65-70 MPH, not bad for a 3500 lb brick. I believe I could get around 30 at a steady 55-60. So if Honda does any upgrades to the engine with better heads, valve controlling electronics, electric power steering, or tuning or something, I would rather have it tuned for 10-15 more FT LBS of TQ, than 10-15 more HP at 6000 RPM.