Suspension's definitely holding the bike back. Can't speak from experience about the Ohlins, but I took delivery of my base model Friday and put about 300 miles on it over the weekend. Spent some time Sunday doing setup and back to back rides on a very nice bit of twisty mountain road close to home with the 1199 and it's garage mates, my '05 RC51 and an '07 675 Daytona. Love how light the Pani thing is, and you can carry a lot of entry speed, but on anything less than perfect pavement it was moving around a lot more than either of the others, even the Daytona which is similar in weight and not known for being a plush ride. I'm small and light at 5'8"/165 in-gear, but the base felt to me like it needed less spring and more damping, so it could sit down in the stroke and stay stable over pavement ripples and the like. I'd taken all the preload off the front (came with about 4-5 turns in, where the manual says all out is baseline) and about 4mm off the back (8 vs 12), and a couple of clicks off the comp/rebound. Helped a lot vs stock settings, but it wasn't terribly confidence inspiring and was wallowing a bit. Seemed like it wanted lighter springs and tighter damping, but the raw physics of the thing are there though, you can tell that - just need to get the bump handling sorted out.
And some different handlebars! Jeez, to a scrawny guy like me those wide, flat things feel like they belong on a motocross bike. Kept wanting to put my foot out going into corners. No, not like Rossi - more like Bubba Stewart...