You need TQ AND HP to go fast. A good way to think about it is torque is a measure of how much weight you can lift, horsepower is how fast you can lift it. I don't agree with the whole "TQ is everything" arguement because without HP all the power isn't going to accelerate very fast. In the majority of motorsports a "high powerband" is preferable because if you make good TQ in the high RPM's you will make even more HP because of the way they relate and whatnot...I'm just babbling now.
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-Jim
“Equality, rightly understood as our founding fathers understood it, leads to liberty and to the emancipation of creative differences; wrongly understood, as it has been so tragically in our time, it leads first to conformity and then to despotism”-Barry Goldwater