If all we had to compare to was the Model A Ford, no doubt the current V-6 would seem outright flexy. However, there are any number of excellent power plants in the world these days, so while the amount of available power in any given vehicle is a matter of personal perspective, I think all of our perspectives, individually and collectively, indicate that the current Jeep is under-powered. Certainly no one is raving about the smokin' power of the V-6.
Besides, nearly all of the discussion so far has been about this vehicle on the road. Fair enough since that is where nearly all Jeeps are driven these days. But an engine that delivers adequate power for highway driving will likely deliver the wrong kind of power for off road use, gearing notwithstanding. The current V-6, on paper, makes good power and reasonable torque. Where in the power band does it produce its power? I believe the reason most folks feel the power is missing is because the power that the engine makes, is made too far up the rpm band.
Low end power is more important to off road use, and also contributes heavily to the "feeling" of power under most circumstances. The only way to get that power is with displacement or the rotating mass of a diesel. To a limited extent, Jeep came up with a very fair compromise back in the 60's with the 225 Buick V-6, which coincidentally is 3.7L. They did this by mounting a 52 pound flywheel, which stores enormous energy that makes the motor feel more torquey than it really is, but the engine still makes its power and torque far lower in the rpm range than today's modern versions of the same size engine. This is attributable to the cam and the fact that the old Buick motor is not emission controlled. The result is closer to today's small displacement diesel in terms of how and how much power it produces. Because of the cam timing, the Buick flattens out at about 3,500 rpm, at about the same point that the modern V-6 starts to pull hard.
My new Nissan Frontier suffers from this same problem. It may make more HP than any truck in its class, but the power peak is up there around 3,500rpm to 4,000rpm, way too high for sensible use off road. I have a feeling that the horsepower output at, say 1,600rpm, is down around 50hp. Even with the automatic and low range, it will hardly get out of its own way in difficult terrain. I, too, would say the power is "adequate" but it is certainly nothing to write home about either, and I would rather have more of the 265hp down low where I could use it without standing on the gas. It wouldn't be as brisk while passing at 85mph on the interstate, but it would perform much better otherwise.
Perhaps it is possible to modify the Jeep engine to bring the power down to a more usable range. "De-tune" it so to speak.