I think the 'vette would always be a bit quicker than the Lambo, since its got a more torque (no idea what the weight of either car is), but I'm sure with someone who can actually drive would have made it a closer competition. To me it sounds like he's NOT using the rev range of the V10 very well, huge pauses while he changes, and letting the revs drop right off too. Of course it could be the transmissions fault. Guy in the vette seems to have more idea though.
I think I remember reading the Gallardo's redline was 7800 RPM - not as big a gap as I would have expected compaired to the Corvette's V8. A little surprised the Gallardo is slightly heavier than the Corvette!