Re: To quote Sir Ernest Hives: 'We'll soon design the simplicity out of it'
"Engine and gearbox building requires extreme accuracy for thousands of moving parts"
Not thousands. In fact, it's fewer than 150 for the motor+trans in my 'late '70 Ford, and the bulk of those of those are in the valve train.
The basic, common or garden V8 engine has about (1 crank)+(8 rods)+(8 pistons)+(1 cam)+(16 lifters) +(16 pushrods)+(16 rockers)+(16 valves)+(1 timing chain)+(2 timing gears)+(1 distributor drive shaft)+(1 oil pump drive)+(2 oil pump gears). That's under 90 moving parts.
Small other "moving" parts inside the engine include the oil pressure relief spring and ball, a couple of keys/keepers, etc., all of which can be done away with one way or another. I consider the ignition system and fuel delivery system as being external to the engine. (So can lubrication delivery, but that adds complexity, so ...). Crank and cam bearings are not moving parts (hopefully!), they are part of the block. Rod bearings are moving, but are fixed with respect to the rod so I consider them part of the rod; likewise piston rings, pins and any keepers. The timing chain has many, many parts in the links, but most people I consider it one part.
Gearboxes are less complex ... a typical Ford toploader has fewer than 60 moving parts.