Like Sammus said, the torque/HP curve is totally different. Nitro engines may develop 2HP, but usually towards the upper end of their rpm range, and even then, this band is not very wide. Probably closer to 0.25HP or less at low rpm. And nitro engine torque is also low at low rpm, while BL motors have tons from 0rpm. This is what gives BL the diff ripping power and is so addicting. Different animals altogether.
Nitro engine ratings remind me of vacum cleaner ratings. They always seemed to be rated at the max power it could produce the instant before it melted/exploded!
Seems like a battery capable of about 1500 watts, coupled with a 80% eff. motor/esc combo works well for speeds around 40mph max.