Both motors are bolted to suitable transmissions that keep each motor in its respective powerband (maybe you'll drop out of it for 500rpm). Honda engineers worked for months on gear ratios for the LS, TypeR, GSR, Si and SiR and if you're on this board chances are you've got one of those transmissions. I'm also sure that most people here have got the right transmission for their setup. Personally, I've got a turbo B16A2 with that matching trans from the 00 Si, and as soon as I get into vtec in first gear (in a matter of seconds), I stay in vtec all the way through 4th (like I said, give or take 500rpms).
Anyway, my point is this, LS motors make their power lower than the B16, but the respective transmissions keep each motor in it's powerband. There's no point saying that the B16 makes no power down low because when you're racing in a B16 powered car, you're not at low rpms. Each motor is going to be at it's powerband when racing, so it is neccessary to talk about the power an LS motor makes between 4800 and 6500, and the power a B16 makes between 6000 and 7900 (the range in which the trans will keep you). Fact of the matter is, LS is great for turbo (torque, long gears, etc), but when Vtec kicks in with the B16 turbo, it's all over for LS.
Unless the LS can get a big lead in those few seconds when the B16 is not in Vtec (first gear), the B16 is going to win each time (in the same car).
Now, I know that I don't have scientific data here, nor have I built 2 identical cars with different motors, but if you hang around cars long enough you can get a feel for different setups.
In this case, I think the B16 is superior.