Actually - HP/l is only a comparative value of significance if you have 2 or more engines of the SAME capacity.
As in you may have say a 3l maximum capacity in a given racing class.
In order to make more power, the only realistic course of action left is to push more fuel through the engine in a given unit of time - right?
Since increasing capacity directly is out of the question - you need another method to do it.
So you either us FI to squeeze more fuel in the same amount of revolutions - or you turn more revolutions to move more fuel through.
In this case HP/l is a valuable indicator of what your engine can do - period - but even then it is simply as a power comparison to the other guy.
It still has no bearing on the efficiency of the engines being compared - as you may move 3 times as much fuel as the next guy, but only have a 10% increase in power due to other loss factors. - or by some miracle you may triple your power and move 30% more fuel through.
Right?
(feel free to whip your collective scientific penii out and try ream me for this one)