Yes, torque is something everyone seems to neglect, as if it doesn't exist.
If you want a quicker bike, you need more torque, not just a lot of power and not just less weight.
As far as top speed, the busa will always win because it has a far superior CdA (aerodynamics). This is why in 2000, despite having more stock power, the ZX12R could not best the busa in the top speed category.
Remember, fluid drags are exponential NOT linear. The difference between 195 and 198 is a LOT more than, say, between 135 and 138.