This link seems like a good summary. I was trying to make a start on it on my own, but a quick search on the web brought this up.

http://www.allpar.com/eek/hp-vs-torque.html

(I know, it's not related to Fords, but a good explanation nontheless)

 

I heard a version that made it real easy for me to understand and remember:

Torque gets you off the line faster than a car with less of it, but horsepower allows you to rev up all through the run and get to the finish quicker.