I think the 2.7 is impressive from the standpoint of output from a 4 cylinder, ought to perform well in the Gen3, and was a neat project - but has no real benefit over the 5.3 (and sure you could actually argue the same 5.3 versus 6.2 - except the 6.2 clearly outperforms).
If you look at how the 2.7 has performed in the full size half ton - it doesn't do much for fuel economy, seems to do a little better city, a little worse highway, than the 5.3, while 0-60 times it loses to the 5.3. I say - what's the point?
Even if it did just a little better city & highway, ie an MPG or two, I can't get my head around why anyone would prefer to run a fully tuned up 4 cylinder, stuffed with tech, over a much simpler V8 with moderate output for it's displacement, just for marginal economy.
Had GM have made the investment in something else, ie a turbo 6 - something that clearly could outperform a V8, it'd be exciting. Although this may be exciting from the standpoint of +performance in the Gen3's - all depending on how much different the Gen3's are versus the Gen2 trucks, if you gave me the choice of the 2.7 versus the 5.3 - I'd never pick the 2.7, just isn't an advantage for what you are giving up.