I hadn't thought about the ICE actually. I was more thinking about the simple fact that with every higher gear, the torque at the wheels is significantly less, which is why even after the drop-off point, the engine might still be producing more power/torque at the wheel in that gear than shifting up. The main question is: how much torque at the wheel is the engine producing past its bhp-peak and how does it compare to the next higher gear at its lower RPM number.
Take this graph for example (posted in the what's wrong with the renault engine thread):
The difference between torque at the wheel between gears is so high that even after the BHP drop-off (which we don't see here since it only shows torque, but we can guess), you still have way more grunt than if you were to shift to the next higher gear. In F1 and thanks to 8 gears (closer gearing) this is of course minimized since all the gears would be closer to each other, but without knowing the exact drop-off, it's hard to say for sure.
If we assume that these engines produce max BHP at 85% of the rev range, we still don't know how much they produce say at the rev-limit. My guess is you would still have a gain to rev until 90-95% before upshifting (assuming engine reliability and strain is not an issue). How much this would yield over an entire lap is anyones guess though... My main point was more that it does make sense to rev higher than the peak BHP rpm point if you take gearing and the drop off into account. It's not as if the engine peak power suddenly drops to zero after it's max point.