In general. Yun na yun.

Horsepower really isn't anything more than a calculation of torque versus engine speed.

Basically, when you say "high power, low torque", all you're really saying is that the engine produces more torque at high rpms than low rpms... and when you say "low power, high torque", it's producing more torque at low rpms than high rpms.

What's really important to the driver is the amount of torque available at all points along the rpm range.

For daily driving, more low range torque is better, because, like BB says, you have faster acceleration from a full stop.

For racing, you don't use low rpms. You use primarily high rpms, so a car with more high end horsepower (in other words, a torque curve shifted towards higher rpms) will allow you to accelerate faster at higher speeds.