As is commented on the Streetfire site, the guy on the Hayabusa was not at all comfortable with the number of cars ahead of him (they were going ~70 and he was approaching them at over 150mph); he was on the throttle for a long time and it's clearly a good match, but he was shutting down early. You can see he has a nitrous bottle but he wasn't using it. For whatever reason, he wasn't fully tucking and that probably didn't help - you know, he was probably making sure he was watching the approaching cars.
That Hayabusa is a low-9 second and possibly high-8 second bike (probably trapping close to 150mph) with a more-than-decent rider and with the spray. I have no doubt the bike would have wasted the Z from a dig.
As it is, it was a fair race and it was very close so, yes, the Z is incredible. The bike didn't even jump on him as bikes tend to do - just slingshot off and then get reeled in if it's ever going to happen; Streetfighter was brake boosting big time so never gave the bike a chance.