Yep ... In the Cycle World video in which the H2R is shown on the dyno, the junction of the exhaust header and the inside of what little muffler that it has, start glowing red-hot within seconds of the engine starting to run at full load. No 3-way catalyst would survive that! The street version has to be de-tuned at least somewhat, in order for the catalyst to survive.
In the automotive world, turbocharged engines have the catalyst downstream of the turbocharger's exhaust turbine, which takes some of the energy (heat) out of the exhaust stream (and even then, a lot of them have to run obnoxiously rich under load to protect the catalyst). A lot of newer engines - whether forced-induction or not - have the exhaust manifold integrated into the cylinder head, where it is surrounded by coolant passages, which takes just enough heat out of the exhaust stream so that a close-coupled catalyst can survive - but doing that with the exhaust manifold means you can't use tuned-length header pipes, and it increases heat load on the cooling system. The extra heat on the cooling system is great for getting the engine to warm up faster, which is also good for emissions, and it's fine if you have a huge radiator to deal with it. On a motorcycle, you don't want that extra heat load in the cooling system, and a "log" manifold built into the head is terrible for a high-performance application.