Like you, I was mystified by the difference between the ol' Chevy small block (LT1, LT4, '57 BelAir 265, etc, etc) and the LS1 - as I was inherently familiar with those old Dinosaurs from my old gearhead days.
A short while back, I was able to walk into the service bay of my local Chevy dealer where they were performing warranty work on an LS1. My god, it is SO different from the old motors. As someone mentoned above, the head ports are the most glaring difference. Yes, it IS a pushrod V-8, but that's where the similarities end. Lower end support structure, complete aluminum composition, etc, etc -- Believe me , this is not the 307 in your daddy's '73 Nova.
Just my obsevation.