This a great if not often a controversial discussion, and I'll add a little controversy.
The following applies to injected and constant speed aircraft.
The most critical aspect of engine operation I think is mixture, not rpm versus manifold pressure.
And as a side note I am with Zane on the whole squared issue, especially when the instructor says it'll blow up if you run more MP than rpm. I don't see how the two relate. For instance, a power setting I may use is WOT, say I'm getting 26 inches out of that. 2000RPM and 50 percent power. How you say? LOP mixture. A leaner mixture burns slower, and there fore peak combustion pressure is further past top dead center, and is easier on the rotating assembly.
I am really curious about mtv's comment about the 550's not lasting like the 520's. MTV, do you know what CHT's these pilots were seeing when the longevity of the 550's suffered?
I think some of us have read the info by Mr Deakin on operating LOP, it's great reading. He operates a turbo normlized 550 wide open throttle on climb out from sea level (hurry run and hide now) and lean of peak, and he has quite a few hours running these 550s this way. I personally operate my io540 by the WOTLOPSOP.
If you look back at the Piper Malibu is it? The one with the TSIO-540. The one that was designed to run LOP. Well the pilots thougt they would be a little nicer to the engine and add a little fuel. What they didn't know/remember is that on the lean side of peak, richer is hotter and leaner is cooler, and they burned the engines up. LOP operation has been affected ever since.
CHT's are what we really need to be careful with. And the way we have the greatest affect over CHT's is mixture. This is also where we have the greatest affect on percentage of power.
When your POH gives you fuel flow for various power settings it's only accurate if the mixtures set properly. For instance, I usually operate my io-540 at wide open throttle max rpm and 55 percent power. I climb WOT and if my CHT's are getting war m I grab the mixture knob and give it a big yank, right after I say to my pilot passenger "watch this".

once I'm safely LOP and my CHT's cool down in the process, a good discussion about LOP is bound to happen, old wives tales included.
As far as the old inch per minute power reduction thing, I think you can pull multiple inches in one pull, you just then have to control the temperature cool down with mixture. If your ROP and you pull five inches, and lean at the same time you can maintain temperature. Seems that inch per minute is more a rule for the masses so to speak. To be nice to our engines I like to warm them up and cool them down slowly and this can be better accomplished withth emixture knob than any combination of MP versus RPM.
Hopefully this isn't thread hijacking. It probaly is......
I just think that mixture should be discussed more. It probably would be if it wasn't the big elephant in the room.
Screw political correctness!
Good day
Paul