Actually bigger turbos will generally result in more power at the same boost level. Especially bigger turbines. There can be too big of course, if you get a turbine so big that it can never reach max boost, but we will try to stay reasonable. Larger turbines produce less backpressure since the flow more air. Larger compressors tend to be more efficient as well, especially as you get to higher boost levels. And then there is the shift in where power is made.
As a reference, check out this dyno chart:
http://www.xs-engineering.com/...t.htm
Never mind the star at 217 lb-ft of torque. Let's look at the peak HP. It makes about 227 HP at 5500 RPM. If you convert that to Torque, it's making about 217 lb-ft of torque at 5500 RPM. Lets say we put in a larger turbo and it made the same amount of torque, but now at a higher RPM. Lets just assume 6000 RPM. 217 lb-ft of torque at 6000 RPM is 247 HP. This is quite indicative of what can occur in upgrading to larger turbos.
A great example of a car I saw this occur on was my friend's Supra. I wish I had the dyno chart to show you. But the Stock Supra has a relatively flat torque curve. I believe the peak Torque is 315 lb-ft. We swapped out the stock turbos for a rather moderately sized T04R. We limited boost to only 14 psi. The torque curve was amazingly linear, but increased with RPM. Actually, it followed the HP curve so closely, it was hard to distinguish the two. After about 5000 RPM, the torque levels out and even starts to drop off towards redline. But HP continues to go up. The Torque peaked out in the upper 300 range. IIRC the stock boost is about 12 psi. Considering only a 2 psi increase, the max HP went up to 450 at the wheels. At the crank, you're probably looking at about 500 HP. I will say though that the stock turbo system is restrictive overall. All the piping for the sequential set-up sits in a heave block of twisted metal in a space about 2 cubic feet. I'd venture to guess an easy 50 HP could be pulled out from removing all the sequential valving and producing a freer flowing manifold alone. But either way, an estimated increase of 180 HP at the crank from only two psi of boost more and a larger turbo is something to think about. And people wonder why I'm a fan of bigger turbos.