hmmmmmm.... there are advantages to both...... if you race through windy roads like the canyons of socal, I'd rather have the 1st gen. the lower gearing in the back puts 3rd gear in the sweetspot for having some serious sst fun in the windier roads! The 1st gen will wake right up performance wise with just a tune and CAI. I think if you were looking at an 02 and an 03, by the time you drop the price diff in the 02 it would beat the 03. But to answer your question, line up stock on stock at the drag strip....... 2nd gen every time. Though I'm sure there are some first gen guys who will run N/A vs N/A with any 2nd gen. The cars really do respond well to minor modifications. The other thing to think about is what do you want from your LS... I think the first gen LSE's own all for looks... and as soon as you add a system or rims then stock vs stock doesnt matter. 1st gen with 17's will run with a 2nd gen sitting on heavy 20's.