I could see the 05+ X having more power and being faster than the base Cayenne as it has about 20 more HP. But the Cayenne S has 80 more HP than the X and the Cayenne Tubro has 200 more HP than the X. So I doubt the X could keep up with the S or Turbo models.
But at the same time, in my mind the Cayenne is NOT an SUV, it's a beefed up station wagon. Also, you could buy two loaded X's for the price of a Cayenne S or three X's for the price of the Cayenne Turbo.
The big question, as I did not buy my X to drag race. Which one can get up the mountain easier?