HORSEPOWER VS TORQUE
The difference between torque (work) and horsepower (power) is that horsepower is measured over a period of time, where as torque is a measure of the force an engine produces per revolution. Horsepower is dependent on time, where as torque is independent of time. Though they are fundementally different, horsepower can be calculated if torque is known, and vica versa.
Calculating Torque Using Horsepower: Torque = (Horsepower x 5,252) / RPM
Calculating Horsepower Using Torque: Horsepower = (Torque x RPM) / 5,252
Dynamometers actually measure torque and calculate horsepower using the formula above. Don't get confused by the 5,252, it is a mathematical constant derived from the fact that a 1 foot circle has a circumference of 6.2832 feet. Dividing 33,000 by 6.2832 gives you 5,252, which helps to simplify the equation. This constant is the reason that horsepower and torque always cross paths at 5,252 rpm (irrelevant to diesels, which do not operate at this engine speed).
HORSEPOWER, TORQUE, AND MATHEMATICS
In certain scenarios, horsepower ratings may seem more important than torque and visa versa, but the truth of the matter is that they are mathematically related. To further understand the relationship between horsepower and torque, here's an example.
At time of this publishing, the 6.7L Cummins produces 800 lb-ft of torque at 1,600 rpm. Therefore, horsepower at 1,600 rpm can be calculated.
HP = (torque x rpm)/5,252 = (800 lb-ft x 1,600 rpm)/5,252 = 244 hp @ 1,600 rpm. Looking at the factory torque curve for this engine, the forumla proves to be true.
Now then, if you're lugging that Cummins up a hill at 1,600 rpm and wide open throttle, which is of more interest; that you are making 244 horsepower, or that you making 800 lb-ft of torque. It's quite obvious that horsepower can be misleading under certain circumstances, and thus we conclude why torque is of more interest to diesel pickup owners.