Having this type of computation saves lots of CPU cycles and there's nothing wrong using them. Believe me, there are a lot of models computed in real time, so saving some cycles on maps is quite allright. CPU load is high, as nobody ever will pay for an overkill CPU for a specific application with lower requirements. Modern single core TriCores from Infineon run at 120-150-180 MHz. Maximum CPU load (reached in regeneration or other calculation intensive activities) can go up to 85-87%. You can't go higher MHz with single cores as the heat is not manageable. So future cars (2016+) are setup to use new TriCores with multicore architecture. More complicated to program (to really run on multiple cores, not just use one), and still this new power we get will not be wasted by removing LUT's.
Since LUTs are also calibratable, you can have same model on very similar engines, but with different calibration maps (slightly adjusted to match the engine) => high reusability of code.