Sea Level
NA motor: 14.7 lbs of air pressure (1 bar, or barometric pressure)
turbo motor: 10 lbs of boost (+14.7 lbs with the 1 bar) total pressure is 24.7 psi
At 11k'
Baromtric pressure is 10 psi (roughly)
NA motor: getting 10 lbs of (atmospheric) pressure bringing air in
Turbo motor: Getting 10lbs of atmosphere pressure plus 10 lbs of turbo boost for a total of 20 PSI. So this turbo is moving 4.7 lbs of pressure LESS. So yes the turbo can work harder to make up that 4.7 lb pressure drop but in doing so the turbo will start to operate out of it's efficency range and create more heat.
Whenever you compress a gas (o2) something you create heat. Decompression creates cold (the reason why a spray can gets cold when using). Anyone that has filled up a nitro bottle, an oxygen tank or anything else like that (scuba tank) will know that the tank gets hot when you fill it up (compressing the gas).
That extra heat means there is less "air" going into the motor. The air is thinner. Really with a turbo you are increasing grams of air per second entering the motor. Since the air at elevation is already less dense then the motor is already getting less air because it higher in elevation, now increase the temperature of that air and it gets even "thinner".
The turbo also has to spin faster to move more air in order to compensate. Spinning this fast is probably not feasible without eventually damaging the turbo (shaft).
Here is a similar explanation:
http://www.coloradoevo.com/forums/showthread.php?t=3065&pagenumber=
Loss of power is much less with a turbo but to say there is
NO loss is simply not true.