Toyota needed a DOHC engine because their 3.0L and 3.3L were based off the V6 engine that was introduced in the 1988 Camry. The J-series came out in 1998 or so, started out with much more advanced architecture and continued to improve (ie. exhaust manifolds integrated into the block). As we see it now, the 3.3L from Toyota is producing 215HP compared to Honda's 244HP from a 3.0L in the Accord and 286HP from a 3.5L in the TL Type-S, all the way up to a 300HP 3.7L in the 2007 MDX. Comparing apples to apples, the 3.5L in the Camry was a brand new engine introduced in the 2005 Avalon and produces 268HP. The 3.5L in the TL Type-S produces 286HP and the engine architecture was introduced in 1998.
As you can see, DOHC vs. SOHC is not a critical measure of a "high tech" engine. DOHC has actually been tested by numerous manufacturers for a long time (including GM/Cadillac in the 1930's or 1940's), not to mention that the bulletproof Chevy 350, among others, has always been a simple design. Extra camshafts require more components and that just adds to the cost/complexity of an engine, which is not desirable at all, nor does it always produce a desirable effect as shown above. If you've driven a Toyota 3.0L or a 3.3L, you will find they produce no real top end power, despite the DOHC heads which should flow air better at high speeds. It's all about how they're tuned to work.
DOHC has been primarily used on 4 cylinder Honda's for the reason that a 4 cylinder only has one head, compared to two on the V6. Arguably, a DOHC will probably have more potential but the gains wouldn't be apparent in a daily driver. Where you really start to see it is on cars like this
1700HP VQ35 or this
5.5PSI turbo VQ making 348WHP/386lb-ft. The other time when you see major gains is when you want to take an engine to the limits of a factory tuned motor. There was talk that Toyota may possibly reintroduce the Supra with a V6, which might well be based off the 3.5L. Nissan is probably also planning to up the HP in the 350Z, and DOHC will help accomplish that. Again, in a typical normal daily driver, you don't see the gains as much as you might think.