I think the real reasons for the rarity of turbochargers is cost & FAA regulations. Most aircraft engines are basically 50 year old technology - hell, a lot of general aviation planes are 40 or more - and you can't bring out anything new (except under experimental class) without going through the certification process, or modify an existing plane without getting a supplimental type certificate. Reliable, low-cost turbos have only been around for a couple of decades, so I can't legally go out and buy an aftermarket turbocharger and bolt it on the O-360 in a '65 Piper Cherokee.
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