As mentioned in a previous posting, our mechanic discovered 3
cracked cylinders in our first annual. With 1700hrs SMOH (we bought
the plane 6 months earlier at 1600hrs), the obvious choice was a
complete overhaul. Basically, we ordered a Lycoming overhauled engine
through Air Power then send the old engine back to them later.

http://www.factoryengines.com/lycoming.asp

The cost was close to $15K (including shipping both ways) with
something like $9K deposit for the core (they kept the check uncashed
and sent it back to us when they received the old engine).