i think your right, as with many things the application of the motor is going to determine what we want to acheive with its performance, and like you said huge torque is great for drag and also towing, one thing that may confuse you though is that rallycars have torque figures around 400-500Nm and although this seems to disagree with the formulas a Hp figure of 250 or so, though im not sure what revs it figure is at and this probably holds the answer

might have to reasrch that one!