That's pretty much the standard package for a 53/58 from the mid 70's through the mid-80's. As far as I know, there wasn't any other engine option available. So if you're looking at one of those boats, those are the engines you are going to get.
As Karl said, if they're properly rebuilt and you maintain them, they should provide many years of good service. In fact, if you mostly run them in the 8-10 knot mode, they'll probably outlive you!
The bad thing about them is that they are totally mechanical and ancient technology; the nice thing about them is they are totally mechanical and ancient technology! They tend to leak oil, use more fuel, make more noise and smoke than do modern engines. In fact, a very old "definition" of a Detroit Diesel (when there were ONLY 2-stroke DDs) is:
"A device for converting diesel fuel into large amounts of noise and smoke"
On the other hand, they will continue running under the most abysmal conditions and can usually be made to function with some really bad things wrong - things that would cause a current diesel's sensors and electronic wizardry to shut down and leave you somewhere you don't want to be.
They are very straghtforward and mechanically simple though they look imposing. This allows mechanics to charge a lot of money for doing poor work (oops, sorry. I was starting to digress). However, armed with a service manual and some decent tools, you might be surprised at how much work you can do yourself on these engines. And although you can certainly screw up an adjustment, it's hard to actually hurt anything.
Like any engine in the marine environment, you really do have to perform routine maintanance to avoid unexpected big bills. But this would be true of the most modern marine diesel as well.
And perhaps the best thing about them---they sound really cool!
