I don't think that's it. I think it's like they were saying during the commentary.
The bike is probably really good, and predictable at the limit. Like the Yamaha for Rossi. Or the Suzuki for Hopkins and Vermuelen. They can all go fast for a short period of time, but it takes some doing to make that last.
The difference is, if the rider CAN go fast on the bike but must abuse the tires to do so, then he's not going to be there in the end. Or maybe he can hang back a little bit during the race to save the tires (ie Rossi) and then put on a charge at the end after the leaders have used up their tires fighting with each other.
The Hondas seem to have the balance between rideability and outright traction better than anyone else right now. I think what we are seeing is Honda flexing their muscle as much as Hayden and Pedrosa riding well. Therein lie championships.
The bar has been raised, no doubt, but in the end it's still down to the tires and who can make the most of them, plus finishing races. Honda's got everyone beat there. It looks really great to have Rossi winning once in a while, the Suzukis on pole, the Ducatis winning once in a while, and the Kawasaki on the podium once in a while. In reality, they are all a mile off. Taking Rossi out of the picture, it's not even close.