Torpedoes will essentially have the same gameplay functionality as Missiles, with the Retaliator being an example. The main difference will be the properties of the Torpedo itself, being a larger scale you can expect it to have a lower top speed and maneuverability, but packing more damage per hit on a larger radius. Just as with missiles, other properties will vary as well, including lock time, reliability, and countermeasure resistance depending on the make and model of the torpedo along with the quality of the launching ship's avionics. Torpedoes are generally intended for use against large targets like capital ships or installations; while you could theoretically use them against a smaller ship, like a fighter, bomber, or utility ship, they'd be much easier for those small ships to evade, with or without the use of countermeasures.