If you're not getting smoke you may have a turbo problem and/or a bad throttle delay, or the throttle delay could be set wrong.
The throttle delay is a diaphram device located under the rocker cover that prevents the rack from advancing beyond a certain point until there is boost available from the turbo. Its entire purpose is to make the EPA happy by reducing smoke on hard acceleration. Its only on one side; you can trace the hose going from the airhorn to the cylinder head to figure out which side yours is on (they're USUALLY on the left bank of the engine when one is facing the bow of the boat)
The adjustment is a bit tricky and if its off, sticking, or just plain not working right you can get the sort of symptom you're seeing.
I'd put some gauges on the airhorn and airbox and see what your boost looks like once you're on plane and the engine has caught up. If its ok then I'd check the throttle delay. The only reason to do it this way is that putting gauges on the airhorn is a 10 minute deal where monkeying with the throttle delay requires removing the valve covers and is a bit more work.
The easiest way to see if that's what's causing it is to back it off so it doesn't delay the throttle and go for a run; bring it up slowly (don't slam the throttles with it backed off or all you'll get is a LOT of smoke and burbling for good long time!) and see if it picks up ok. If it does, then the delay was either set wrong, its leaking, or sticking.
They're expensive - I know a few people who have just disconnected them and backed off the cam instead of replacing them when they've had this problem. In extreme cases they can prevent the engine from getting out of the hole at all!