Well, what do you want?
1> Easy, strong acceleration from a standstill, and good acceleration regardless of which gear you are in (in other words a car that is easy to drive quickly)
Then you want lots of torque at low RPMs.
2> Maximum top speed, and maximum freeway passing power?
Then you want lots of top end horsepower.
If you are burdened by an automatic transmission, have a heavy car ( > 3000lbs), or plan to pull a trailer then you will want good low end torque.
If you are driving on the autobahn or another road with no speed limit then you will want maximum horsepower.
Personally I think a low torque, high HP (very high revving) engine only makes sense on a motorcycle or lightweight 2 seat sports car.
I want good low end torque because most of my driving is 0-40mph in traffic.
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Tony - just because you have a turbo doesn't automatically mean that you have an engine with good low end torque. You can shape the HP and torque curve of an engine with different turbo "sizing". A really big turbo on a small displacement engine can have lousy low end torque but good top end HP since it takes the turbo a while (and lots of RPMs) before it really gets spinning.
[The old 2.2 liter 4 cylinder Dodge Daytona Z (turbo) had a torque peak at 3200rpms.]
You can also have a big displacement turbo engine with a little tiny turbo that spools up quick - then you have great low end torque but max HP is limited (since there is an overall exhaust flow restriction).
[The Audi 2.7 liter 6 cylinder S4 (turbo) has a torque peak at 1850rpms.]
Lots of cars (like the Mustang SVO and Saab 900) started out with bigger turbos, then over the years they decided to switch to smaller turbos to move the torque peak lower and make the car more drivable.
I noticed this about a Miata "dyno day":
http://www.realbig.com/miata/miata/1997-12/2030.html
Paul Turin Max.Torque: 177.0 Max.HP: 169.4
96 Miata, Bell Aerodyne Turbo, 2 1/4 exhaust
Chris King Max.Torque: 174.3 Max.HP: 196.6
93 Miata, Cartech turbo, FM ecu, Jackson Racing cat back
Notice that Paul has more torque, but less overall HP than Chris.