Power is power, regardless of where in the rpm band it is found. Given 2 engines of the same power output, and both of these engines are fitted into very similar cars, mated to transmissions that are geared appropriately so that the same amount of roadwheel horsepower(rwhp) is made at the driving wheels, then both cars will have the same performance, though they may sound different by reason of the 2 different torque and hp curves.

However, theoretically, the engine with the higher rpm will have less frictional losses through the driveline by reason of the lower gears it will be using, thus giving it a negligible power advantage over the other engine.