I had the same estimation, but the other issue is that the Evo's weren't/aren't flexible on the price, whereas the Subies were, and you could get an extended warranty for about the same money you just saved. I did a lot of research, and the Sti was the better car for me, hands down. Better durability, better brand, better quality. Performance - similar to the Evo, impressive & fun no matter what.
Compared to a Syty - it's hard to say. I didn't buy mine for 1/4 runs. It's quick, and seat of the pants says a touch quicker than a stock syty. The syty is easier to launch, but the times are similar, and much more driver dependent in the Sti. The syty is fun and cheap compared to an Sti or Evo, but there are about a dozen things that a new Sti offers that can't be obtained (or can't be had easily or cheaply I should say): a useable rear seat (Ty's are somewhat useable tho) - fuel economy (I get about 19-22mpg in the Sti) - a warranty - durability & reliability - better autox'er. Technology is up to date - I have a coil on plug ignition with iridium plugs - LSD front & rear diffs - driver controlled center diff - 6 spd tranny with triple synchros on a couple gears.. yada yada yada.
So, at the drag strip, stock to stock, it's mainly going to be a battle between drivers. Perfect driver in both, the Sti wins by a tick 7 of 10 times IMO.
Go autocross, and Sti wins by 5 seconds on a 60 second course
After having both, stock to stock, I have more fun in an Sti. If I was going to build up and drag race something in the low 12 and faster range... I'd do it with a Syty. Cheaper to do, easier to race. If there was an '05 or '06 Syty available... I'd really have to go take a test drive of that vehicle