The 550's engine is basically the same engine as the Boxster S for 2004.
The HP difference comes from a larger airbox/air filter (from the 987), a more efficient exhaust system and a different ECU mapping.
When the dealer replaces your engine, they won't replace the airbox, the exhaust or the ECU, so you should have your original HP.
The car may feel a little more sluggish than before, and that can be explained because you are getting a new (tighter) engine that needs to be broken-in again.
Once the engine has a few thousand miles on it it will get smoother and faster.
Don't worry about the new engine.
Be happy that it's now covered by a full 2 year warranty with no mileage limit.
Happy Boxstering,
Pedro
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