A hemi port does not have to be huge to flow like crazy, look at the new version hemi for proof, ports are no bigger than a SB head but can easily flow way over 300cfm like a heavily ported W2. The air flow has an almost direct shot at the back of the valve with a very long sweeping short turn it can make really fast and high volume air flow through a relativly small port.

All that being said I beleive with the factory valve positions an equally built wedge and hemi the hemi will always make more power. Now throw in all the canted valve wedges and moved centerlines and yes the wedges can keep up with the hemi.

BTW the comparison of the CC of the port is unfair because the Hemi has a shorter distance to the valve inside the head. A better comparison would be to compare minimum cross section in witch case the hemi will flow more in standard valve configuration.

The main reason the wedge is so popular is just because it is so much cheaper with only one rocker shaft and no spark plug tubes.