According to Wikipedia, the Modular engine series is so named because the factories that produce it use "modular" tooling which allows them to be easily and quickly converted to produce a different engine from the same family if necessary.
yes it was supposed to be a modular engine familey that used the same heads, cams, and as many interchangeable parts as possible to cut developments costs down
Agree with all the above...Basically you interchange a lot of parts on the motor instead of having one motor thats alienated from the rest with specific parts.