In the novice ranks it doesn't matter as the riding level is not so high. In May when I put my F4i on the podium on a 50+ rider grid I was the 3rd fastest rider in all of novice, regardless of class... and my bike puts out only 90hp and is mostly stock except for the revalved/resprung forks, rearsets and a slipon...not to mention I have 36k miles on the clock.
Check out my site for more info including a link to the mylaps site ;-) My best time so far is a 1:30.28 on the F4i and even the fastest liter bikes in Novice are doing 1:29.5 or so. With some rear suspension work and tuning I feel I could get into the 29s.
In the expert ranks, Jason Perez has done 1:23.2 in June on a Graves Superstock R6 (120hp) with DOT tires. His best time on the Graves Superstock R1 was 1:23.0 on DOT and 1:21.5 or so on Slicks.
So, to answer your question... at the top level the difference is about 2 secs.