Ok...a little physics lesson:
When a vehicle takes off, it resists motion. This is called the inertial moment. Weight is transferred to the back of the vehicle. Where are the drive wheels on Hondas? The back? BBZZZZT. The front? Ding Ding Ding.
Another lesson: You can get 400 HP or so out of a N/A LS1. You can get 400 HP out of a 1.6L Honda running 25 LB. of boost and a 100HP shot of nitrous. Which can you take down the track every weekend without having it up on a lift once a week? The Chevy. There is no substitute for displacement.
That said, Honda's kick ***. They are ultra-reliable, well made, their motors are bulletproof and they get damn good gas mileage in general. In fact, I really wish I had a little honda civic 5-spd. I just don't think they are as capable as race cars.
But then again, depends what type of racing you are talking about, and which honda cars...because the S2000 is a very capable race machine.
Added for the people below: of course it's about HP/Weight...but saying that Honda's technology is more advanced is BS. There is only so much you can do with their tired old Iron blocks before you can't even run pump gas anymore. There is no substitute for displacement, and a Chevy aluminum block will get you more HP/weight (of the engine) than a honda iron block.
And saying that a honda handles good is a little bit retarded. Maybe compared to other front drivers...but seriously, have you ever accelerated through a corner? Doesn't feel right in a front driver.