As impressive as that is, casting is still the best way to make an engine block. If machining was better, companies like Ferrari would do it. As some of the comments indicate, this is usually done as a demo of what the machine can do. Parts are machined that way, but not whole engine blocks (usually).
Check this out... Just the effort they put into the moulds is AMAZING!!! http://www.youtube.com/watch?v=AdcoVurVY30 (and equally impressive as a good cnc machine)
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