Isn't that kinda like asking voltage or wattage, your preference?
(wattage (power) is voltage times current, as horse *power* is torque x rpm divded by 5250, IIRC)
Generally speaking, though, an engine that makes lots of torque (but not so much horsepower) is probably a larger displacement engine that can usually be modified rather easily for lots of horsepower (because it's volumetric efficiency at higher RPMs is poor, increase VE and you have more torque at higher RPMs, hence more horsepower)
An engine that makes lots of horsepower (compared to it's displacement) is obviously running a very good VE at higher RPMs and increasing that will typically require more drastic modifications (nitrous or forced induction).
volumetric efficiency=how much air the cylinders are filled with at wide-open-throttle at a given speed. Typically given as a percentage.
I'm sure if I'm wrong about any of this or unclear someone will offer corrections/clarifications
Brian
