Torque (work) is in essence force times distance. you can have the same torque by applying little force over a long distance or a large force applying over a small distance. This can be pictured as moving a box up a step: either you push it up an incline (smaller force but longer distance) or you just push it straight up the step (large force but short distance). That's what torque is in concept.
Now for cars, torque is basically for turning the wheel, and it's the engine's ability to turn the wheels. More torque means the car can turn heavier car and or wheels (more inertia + friction) or cause wheel spinning and some cool smoke effect.
HP comes from torque value, the dyno only measures torque, since it is design to put up a measured resistance (force) and the engine turns it. The rpm at which the engine cranking at helps to determine the rate of work deliver = determine power.
And about the Honda question, yes since HP is both a function of rpm and torque value. Remember power is force times velocity (unit conversion= force*distance/time=force*velocity), so if you have lots of velocity i.e. high rpm then your torque can be medicore but still have high HP. Same for the diesel trucks that have redline at 3k rpm but the have like 800 hp = large tq but small rpm range.