So, If you don't adjust the combo for the increased stroke/displacement, you get "disappointing" results. What if you do? What if you improve the cam and heads and exhaust?
Take your 273, exchange it for a 408 shortblock with the same compression, and use your 273 heads, a two barrel intake, .398 lift cam, tiny exhaust manifolds, and sure, you'll be disappointed.
Match the combo to the displacement, and a 408 WILL be better than a 340/360 for STREET use. (Disregarding race use of a 340 with rpm to the moon, and 5.something gear)
When I build a 400 into a 512, I'm not gonna keep the 7 1/2 to one, .420 lift cam, 906 heads, and log exhaust. I'm gonna use parts to match the 512 displacement, and expect a LOT more than 2%. I would expect more than a horse per inch of increase.