I'm joining this discussion pretty late, but here are some thoughts from the guy who's got a Miata-powered MGB/GT (I built/wrote about the one from GRM a few years back).
I didn't do the swap for pure power--as it's been said, a V6 or V8 does that better and honestly more easily. I did the swap for a good balance of power, drivability, an easy, good 5 speed conversion, and the "spirit of the car." I like 4 bangers, especially DOHC ones, and that's part of the equasion, too.
Regarding power, I've got dyno graphs on the Eclectic Motorworks website that show the details, but here's a summary: A mild supercharged MGB engine can make about the same power/torque as a mild Buick/Olds/Rover V8. A stock Miata engine makes about the same power/torque as a stock MGB engine until you hit about 3500 RPM. Above that, the Miata keeps going up at a faster rate and to higher RPMs (7200 vs 6000) than the MGB. So if you like to buzz your motor, the Miata swap is a great replacement for the MGB. If you like torque, the supercharger or V6 or V8 are more like it. I don't have V6 charts up, but I've dynoed a few V6 MGBs and seen ranges of 80HP at the wheels to 240 or so--just like V8s, honestly. The graphs are at http://www.eclecticmotorworks.com/miatab6.html
The main reason I did my swap was for the fuel injection and the 5 speed. The car is much faster--0-60 in about 7.8 seconds compared to about 12-13 in stock form. This is mainly due to the fact that there's power up high and I can buzz the engine. Note that it's pretty much on par with a Miata in acceleration, which makes sense (same drivetrain, similar weight). Could it be faster? Sure, but it's fast enough for my goals. I've got faster classics, but their drivability isn't as good.
I get lots of comments and lots of people asking why I did what I did (and why I didn't do a V6/V8). I always say it's about context: I liked the DOHC 4 banger, the FI, the five speed, and the challenge of making it look like it came that way from the factory. For other people, a different swap may be better, but I picked the one that I wanted to do.
So my parting comments are to really think about goals, not what's "best."
--Carl