As an Asian student myself, the only thing I really have to say on this matter is that I think although from my experience Asian students do do "better", I am not sure whether this actually makes them more intelligent, more well-rounded, or prepared for the real world. In fact, many of my fellow Asian students were just as stupid and incapable as the other students. From what I know, the only difference between the Asian and non-Asian students was that the Asian students - with great reluctance - forced themselves to take harder classes, waste more time studying, and just really learn how to take tests. They were never innately more intelligent or capable, and I am not sure they were "more" prepared for the real world.
Also, at least where I come from, the stereotype of a science and math obsessed Asian is apparently true. As stated somewhere above, it is true that the American system puts more emphasis on creativity, and Asian students don't really get that. It was kind of funny for me to watch my fellow Asians do great in Physics and Calculus, but completely fall apart when learning history, or when attempting to write an essay (even those that were excellent at English).