Rod, now we are talking about specific applications of power.
The longer you can hold close to peak torque at the top of the rev range, the more power you will make at the top end. This equals not only a high top speed, (as you are making high power at the top of the rev range), but increases your ability to reach terminal speed more quickly.
Let's take Jons (my riders) Ducati monster 800 as an example.
The bike, stock, makes within 10% of it's peak torque from 4krpm all the way to 8krpm, but drops off considerably from 8k to 9k (nearly 8lbft!)
This makes the bike great at accelerating from 50mph to about 110mph. What is terrible for the track, though, specifically PIR with a 1 mile long straightaway, is that we've reached 110mph 1/3 way down the straight, and spend the rest of the time getting up to 130mph.
Not good.
With some cam degreeing, we will be changing the power curve. Torque will drop in the lower ranges, peak torque will occur later in the rev range (its at an abysmally low 6200rpm right now), the powerband will narrow, and we'll pick up 5 or 6 lbft at around 7500rpm.
This will give us the power we need to get down the straightaway faster, with more of a rise in power towards redline, and more power at the top.
We should be able to reach 107 or 108 in the first 3rd, but reach 130 much sooner, and hold 140 for a bit in the last 2/3rds.
You can see how this would help with lap times.
You need to figure out just how fast you need to go, and where, to build your race bike. Remember that Drag increases exponentially, and if you can't reach and maintain within 10% of your competitors top speed for any significant amount of time, unless they royaly screw up all their turns, you won't beat them.