The 787B had a 4-rotor 2.6 liter normally aspirated engine that could put out about 900 hp. The GT4 Mazda dealer lists the HP as 690 but my black 787B currently is listed as 763 (dunno if it could use an oil change or not right now).
The Wankels don't drive all that different in GT4, but they certainly do sound different!
The Wankel does have a higher specific output, partly (mostly?) because it makes three power pulses per revolution per rotor, as opposed to a normal 4-stroke which makes one power pulse per cylinder every other revolution. Also, because it doesn't have any reciprocating parts, the Wankel runs much more smoothly (less vibration).
One problem with the Wankel is it doesn't have great fuel efficiency. Another is that it's difficult to maintail a good seal between the rotor and the housing. This means, along with poorer fuel economy, the engine generates more emissions as well. Mazda has come a long way towards solving this, but it's still a problem.
An interesting sidenote: The Chevrolet Monza was originally designed to use a Wankel engine, and the engine bay was designed with this physically small engine in mind. But the fuel economy and emissions problems led to the cancellation of the engine project, which was replaced by (among other options) the Chevy smallblock V8. This engine was much larger than the Wankel. The net result was that you had to unbolt the engine and jack it up a few inches to get enough clearance to change one of the sparkplugs!