Sorry, but that is BOLLOCKS, the F10 engine is producing around the 785bhp mark, Mercedes engine is apparently weaker, and the Renault is almost laughable without the aid of an F-duct.
You guys are forgetting one VERY VERY IMPORTANT factor in this; the F10 in the game is from earlier in the season, it doesn't even have an f-duct which would suggest its from the very early stages of the season.
The cars are evolved and changed from race to race, they may look the same from the outside but in the details and underneath they are completely different cars, so that laptime would suggest a high downforce level in the spec of the car which would indicate that this is probably the car from either pre-season testing or anytime before the Spanish GP(f-duct system introduction), but the most sensible guess is that this is infact the Monaco spec. (edit: according to the top speeds people are mentioning, this is indeed the spec that did the first few races, so this is either Alonso's repaired car from Monaco, or Massa's car from Monaco)
Also, in regards to being able to set comparable laptimes to real life, your forgetting that in GT5 your automatically on a full tank of fuel and with the no refuelling rules that is alot of added weight and trust me it does make that much of a difference to the cars performance, if you didn't think of this your simply not a true fan of F1. Another factor is the longer wheelbase because of the fuel tank does have an effect of the cars cornering.
F1 2010, yes, you are able to match the real life laptimes but (and this is not out of any bias or any attempt to discredit an outstanding job by Codemasters) very reliable sources within Codemasters and a certain ex-Super Aguri driver have confirmed that the cars have been adjusted from track to track to enable the laptimes or predicted laptimes to be matched by the players.