This subject was done to death on a car forum I frequent, and the final verdict was that the Lexus driver was either specifically trying to crash the car, or simply gave up too easily when/if the brakes alone would not hold the car.
Once you take into account the broad range of ways to get a car to stop over a long distance with plenty of warning, regardless of its mechanical state, there just isn't any excuse for arriving at a catastrophic crash.
You may be correct here. I was just doing some math. The engine on the Lexus is rated at 272 HP according to the article. I won't even bother accounting for transmission efficiency, and will therefore assume that the full 272 HP is available at the wheels. As some may know, the equation for tractive force in pounds is F = 375*horsepower/speed in mph. So at 120 mph we have roughly 850 pounds of tractive force.
The car's brakes are capable of applying enough tractive force to cause the car to decelerate at maybe 0.75g, so for a 4000 pound (?) Lexus that would be at least 3000 pounds of braking. So the braking system can easily decelerate the car at 120 mph, even not accounting for the fact that just keeping the car moving at 120 mph requires a large percentage of that 850 pounds of tractive force. In fact, going by the numbers, the brakes should be able to overpower the engine down to at least 34 mph in theory, in practice much lower. After all, the transmission isn't 100% efficient. More importantly, as the car slows the engine will be out of it's peak power band, and will be making significantly less than 272 HP. And unless it's four wheel drive you'll only have two wheels driving but all four braking. You won't even be able to get enough tractive force on the road via the two driven wheels to overpower the other two braked wheels.
Yes, I now tend to believe they just gave up, perhaps because the brakes weren't as effective due to the combination of conditions. Nevertheless, this is still a dangerous problem meriting correction. If a 19 year CHP veteran has trouble controlling a vehicle, you can bet the average driver will be utterly helpless.