Don't know about the HP ratings change referenced on the V10, but it's interesting to note the perception that higher horsepower is always better. I suspect that Ford published the power ratings in response to the stiffer CAFE standards that came out a few years ago.
It SOUNDS right to equate HP to the overall strength of the engine, and in many ways it is a good gauge. However, torque is what gets you up the hill and keeps pulling. When you accelerate from a dead stop, or start pulling an incline.... torque is what you feel in the seat of your pants. The horsepower rating, as has been stated, is measured at an engine's maximum RPM typically. How often does anyone rev an engine to max RPM?