I usually don't like to interrupt people's pride (esp. the 3VZ owners), but it bothers me when people really think that the iron block on the 3VZ is like a god-sent gift for boost.
It is ridiculous to choose an engine based on the block without looking at everything else. The block is probably the last thing that it will get destroyed; I'd say way after the pistons, ring lands, rods, headgasket, tranny, axles, etc... in most situations.
In terms of block strength, the sleeves play the most important part in handling boost and power. I can have a rigid iron block with crappy sleeves and it won't handle boost at all. On the other hand, a good set of rigid sleeves in an aluminum block can withstand a good amount of power. A perfect example will be the known weak Honda blocks... After a good resleeving process, they can push over 500+ WHP and 28psi nicely. There are a handful of these resleeved B-series on the road already the last time I was on the Honda boards. They are not "the best" blocks out there, but decent enough to handle 500+ WHP, 28+ psi and 9000RPM daily.
Hey, if you are shooting for 1000+WHP, then an iron block with decent sleeves will get you there. Well, that will be way after the tranny, cylinder heads, crank, etc.. blow up on you first. However, we have no idea how strong the sleeves are on the 3VZ blocks anyway. Will the 3VZ's sleeves be worse than the 1MZ-FE's sleeves? You never know. We need some guy who is either pushing huge amounts of power in a 3VZ-FE, or an experienced engine builder to evaluate the sleeves on the 3VZ block.
Through my engine builder's and my evaluations on the 1MZ-FE block, we think that the sleeves on the 1MZ-FE block are actually pretty strong. It has a closed deck design and has thick sleeves (at stock bore) that are plenty for making great power. The 1MZ-FE also has a very friendly rod-to-stroke ratio which results in a slow piston speed. A slow piston speed will generally let the engine handle a lot more boost and greatly increases durability of the motor, but in the expense of lesser low-end torque and low-end engine response. A slow piston speed is also what lets a Honda engine rev to 9000RPM and still make power yet it will still last a long time -- but at the expense of low-end power.
IMO, I would choose the 1MZ-FE. More HP out of the box, digital ignition system, larger injectors from the factory, MAF-metered (no restrictive flap sensor), and of course, much more support than the 3VZ in terms of aftermarket and OEM parts. You can also supercharge the 1MZ-FE. What can you do to a 3VZ? Turbo? There is only one turbocharged 3VZ that I know of and it's all custom. I don't expect every 3VZ-FE owner out there to rig up his own turbo kit. That's not a job for an amature.
Until now, the Camry still has the 1MZ-FE engine, as well as the Avalon, ES300, etc... That tells you the 1MZ-FE does indeed have a reason to be a good engine. At least we know that there are many 1MZ-FE engine over the 100000 mile mark already and still running strong. And of course, it is much easier to get replacement parts for the 1MZ-FE.
My 1MZ-FE has 100000+ miles before I turbocharged it, and it has been holding up at 10 lbs of boost daily for half a year already

Of course, it won't hold up forever, but it's taking up the beatings pretty damn good for now

As for the tranny, at least I know that the 1MZ-FE auto tranny holds 268 WHP/TQ with no problems everyday. My tranny went simply because I was making more than 268 WHP

If I kept my power at 268, I know it will hold for a good amount of time.
Alright, I am done yapping
