There are usually more overtakes in 1 lap of MotoGP than there is in a whole F1 race! It's funny how as time goes on, the spectacles get more rose tinted - As much as I love and miss the 500cc 2 strokes, it's simply not true that they had more HP or torque. By 2001 when they were axed, they were making 190-200hp in the V4s with about 80ftlb of torque. The 4Ts are around 240-250hp now and with similar torque at peak HP. The peak torque will be higher and with a better spread than on the 2T. Acceleration wise, they have a roughly equivalent power to weight ratio so you'd expect the same acceleration, but the 4T will probably edge it by getting better drive out of the corners.
The future is here sooner than you think... https://www.youtube.com/watch?v=Du7mSCmBxuY.
Regarding traction control, you do know that the 2T bikes that too? Not to the extent of the current bikes but they introduced electronic ("computerised") torque reduction in the lower gears to reduce the amount of highsides coming out of corners in the early 90's. There was a lot of "computerised" gizmos on those old bikes that people forget about (or didn't know about).
Drag racing is great. I don't think it translates well to TV as you tend to miss the noise and the feeling of the cars thundering past, but as a sport to watch at the track - fantastic.