completely.
instead of spinning the windings, the windings spin the magnets.
circuit cars are not meant to be ultra fast. circuit cars ususally do not ever use lithiums and really fast motors. most use NiMH and a 50-70 turn motor which is not much faster than stock, but have slightly higher end magnets, allowing the motors to acheive slightly faster acceleration out of a corner. handling is the focus in circuit.
lithium and such is mainly for wide open stretches of smooth ground.
EDIT: mosfets do not increase speed by much but increase the ability of the car to pass current to the motor and better mosfets take the strain off the electronics.
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