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... The only reason it is still around is because it is the only successful way they have found to raise the octane rating to the levels needed in some high performance engines.
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I wonder about this. Automotive gasolines are available in unleaded formulations up to at least 104 octane. Of course, that's pump method (R+M)/2, so it probably doesn't square up exactly with aircraft lean/rich ratings.
I know there are other problems with automotive fuels (vapor pressure, alcohol, water, etc.) but it seems like the technology out to be out there for a no-lead aircraft fuel.
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The octane numbers for auto and aviation gas are based on diffrent scales. So replacing 87 octane avgas (which isn't made anymore) with 87 octane unleded you get at your local 7-11 probably won't work.
There are several systems in development that hope to allow high performance engines to run on no lead avgas. The one that shows the most promise is an ignition timing system from GAMI in Oklahoma. They are the ones who make GAMIjectors which improve fuel injections systems on many aircraft engines.
I wish I had some money to invest with those guys, 'cause when they get it perfected and 100LL disapears they are going to be in very high demand.
Read this article about leaded gas, it's really informative!
http://www.avweb.com/news/columns/182149-1.html