An interesting point you make comparing earthbound reciprocating piston engines to airborne ones. It certainly highlights that aviation engines are on par with a 1960's morris minor when it comes to technology, but I think it is more to do with litigation lawyers than aviation authorities, although I agree that their abscence in the picture surely helps!! The example of Cessna shutting down for a few years due to court cases comes to mind.
Caterpillar mining equipment has had "glass cockpits" & computer controlled engine management systems for 20 years now, but put the same technology in an aircraft & it's considered cutting edge. I can't wait until Toyota start making helicopters, THEN we'll see a reliable engine!
You make a good point about people coming into the industry operating derated pistons far more reliable than the old B47's & H12's. Starting life with an unbiased opinion I think their attitudes overall will be different & the "turbine vs piston" debate will fade into the distance. Next time I fly a piston I'll just try not to think of all of those moving parts turning, burning & clanking around in there!