I recently purchased a reject waterboxer that was extracted to make way
for a Subaru transplant.  I had a chance to look the conversion over
briefly and talk to the owner, who had some interesting comments, and
I've also added mine:

Owner:
Kennedy says they have been selling 5 conversion kits a week recently!
Did swap in a week with no problems.
Much quieter engine with 5 mains, overhead cams, cast intake manifolds
and cast valve covers.
Estimates his total cost at about $3200.
Did not notice much, if any, increased power over his 2.1 which had good
compression. (140 psi)
Very pleased with the kit and the conversion so far.

My observations:
Very clean installation and excellent fit.  An untrained observer would
never know the van didn't leave the factory this way.
No clearance problems.
Had to fabricate his own exhaust bracing.
Requires construction of coolant manifold from copper plumbing pipe.
Have to open the hatch to check the oil.
Needs special starter.
Oil pan hangs very low, not good for off-road use.  A custom sump could
be fabricated to improve this condition.

This owner is definitely a skilled mechanic/handyman.  He immediately
hopped in and drove back from California (900+ miles) after completing
the conversion with no shakedown period.  This conversion is not to be
attempted by a novice, in my opinion.

I will keep in touch and see how he does with it.
--
Stuart MacMillan
Manager, Case Program
800-909-8244 ext 208

Getting your share of the Net yet?
http://www.cobaltgroup.com
http://www.casedealer.com/demo
http://www.caseihdealer.com/demo