My thoughts entirely. If this engine is to be used more widely, giving it a lighter block makes complete sense. As a concept it works very well. Fives are the new V6s and possibly the new V8s too. If you can package 350-400 bhp in an engine with less than 200 g/km emissions, that returns ~40 mpg and weighs the same as 4-pot, then you're doing very well indeed.
Pretender, I note that the Audi A3 Sedan concept from last year had a five with 400 bhp. Of course, that doesn't mean it will make production. As you suggest, a 360 bhp - 100 kg = Huge grin.