Well, to take F1 as an example (even though the actual valvetrains don't have anything in common), since engine regulations are so tight, the only way to make more power is to rev higher. OHC layouts have an advantage for high-RPM operation for a couple of reasons: the valvetrain is stiffer, so the valves can be controlled more precisely (a nice thing to have when you're dealing with bits of very expensive metal that are repeatedly trying to bash into each other a couple of hundred times a second); and increasing the number of valves also tends to increase the ratio between valve area and piston area, which in turn will reduce port airflow speeds at a given RPM (as per Bernoulli).
The latter has two effects: the airflow reaches its optimum speed later in the rev range, increasing HP at high speeds, but doesn't have enough low-RPM velocity to provide good combustion. Which is why a VTEC engine has no low-end torque, while, say, a 2.3L Quad 4 - God bless its crappy little mechanical soul - has decent torque but sputters out when you pile on the revs, because the airflow gets too quick and starts choking the ports.
There's a lot more to it (for instance the LS7 has really aggressive cam profiles and port geometry, which help it breathe up to 7K while still keeping decent low-RPM grunt), but for a street application, I don't think a DOHC layout necessarily has an inherent advantage.
FWIW, the C5-R kicked butt in GT racing with the LS7's predecessor and I'm sure the C6-R will keep it up.