Torque is important for acceleration or when the load changes (going up a hill).
Diesel engines make more torque than gasoline, especially at lower RPM. This is a "win-win" ! (Government emission regulation have really killed most of the fuel economy benefits.)
Gasoline engine make more horsepower, but at higher RPM. Many people did not like the Ford V10 because you need to cruise at a higher RPM than a V8 engine.
These two statements are generalizations and, especially with gasoline engines, design changes can improve lower speed torque, usually at the expense of higher speed horsepower.