The MX5 is a cracking car, but it needs more grunt, and I know that in 6 months time I'll have explored the limits of grip and will want to go faster.
So, engine transplant seems to most likely solution. There are tuning options for both the 1.6 and 1.8, but they seem to be a reasonable amount of money for a setup that will leave me with a stressed engine that doesn't deliver the outright power I'd want.
Something that will make 250BHP all day long would strike me as a better option, but comes with the fabrication issues and lack of "bolt on shiny bits for results".
My initial thoughts are: SR20 - for obvious reasons, 200BHP out of the box, 250BHP easy with simple mods, comes with a gearbox etc. 1UZ - it's a V8, which is reason enough in itself, but more over it's NA, so preserves some of the characteristic of the car, although I believe it's quite a lazy V8, compared to the revvy 1.6 that's in there now. A 1UZ donor isn't going to come with a gearbox though. But it's a V8 (did I say that).
Other suggestions? The above have been done, so aren't utter fantasy. I have a B234R in the garage too - 225BHP from the box, and string enough for silly power, but very tall (others have failed to install it for this reason), needs a gearbox, and is reasonably heavy. It'd be great to make it work, but I think the first two are both better ideas.