The problem for us is that we don't have a nice short and sharp (but accurate!) statement to explain the two quantities, whereas the (INCORRECT!) statement "Torque gets you moving, Power keeps you moving" is short, sharp and easy to remember... even if it is wrong!
Earlier in this thread cycling was mentioned.. and this is an area closer to my heart than cars these days (Did I just say that on an F1 forum?!)... so I thought you guys might like to see these charts.
My bike has a "Power Meter", which means that for every pedal revolution I get a log of Torque (at the pedals), Cadence (RPM) and Power. A wheel RPM sensor gives me a wheel RPM log. This is converted to bike speed using tyre circumference and verified using GPS. Every ride I do is logged in this way and you can set up GPS "marker points" to allow you to easily compare your performance over the same stretch of road.
Below is a series of charts showing the average Pedal Torque, Cadence and Power for 95 separate occasions climbing up the hill outside my house. It is a short but steep hill, which normally takes me about a minute to climb at around 9 to 10mph.
It is interesting to see that whilst there is a general trend: more pedal torque or more pedal RPM tends to give a higher road speed, there is considerable scatter, such that making an accurate prediction of performance from either of these metrics is not possible.
When we look at the average power outputs there is a very clear and distinct correlation between power output and road speed, such that if we only knew my average power figure we would be able to quite accurately predict my climbing speed to within one or two mph.
It is quite interesting to see that the relationship between power and speed is almost linear at these low speeds... as speeds increase we would expect the relationship to become more and more "cubed" in nature, due to the impact of aerodynamic drag (rolling resistance and gradient resistance dominate at low speeds whilst climbing, hence the almost linear graph).