Buildcraft engines dump *all* of their power when the moving bar hits the front of the engine. Their power is built up through the rest of the animation, then dumped in all at once. The internal buffer of most machines cannot handle that much power all at once, so most of it can't leave the engine.
So, if you have an engine producing 4MJ/tick, and if the engine pulses once per second (20 ticks), that is 80MJ delivered in one tick. If the engine pules twice per second, it works out to 40MJ delivered in one tick. If the machine you are powering can only use/store 20MJ at a time(tick), in the first cast, the machine takes 20MJ, leaving 60 still in the engine with nowhere to go. The next pulse, the machine takes 20MJ more, leaving 60MJ additional in the engine with now 120MJ stored. In the second case with 2 engine pulses per second, the machine would take 20MJ, leaving 20MJ in the engine. The next pulse, the machine would take another 20MJ, and leave another 20MJ in the engine for a total of 40MJ. Much better than the 120MJ in the first scenario, but will still eventually overload the engine.
Since buildcraft power can be "stored" in the pipe, the pipe absorbs the power from the engine, then trickles out the power to the machines over several ticks and averages it instead of the massive power spikes when powering a machine directly.
11 posts in, finally the correct answer. Quoting again because it apparently isn't common enough knowledge yet
This, by the way, is the same reason you shouldn't ever use anything but redstone engines on pumps, despite the multitude of videos and guides that use magmatic or even combustion engines there. The maximum burst intake of a pump is 10 MJ, and maximum continuous consumption is 0.5 MJ/t at 1 bucket per second.