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Given the tech they have I presume they would have a way to keep control of it.

I would imagine that the most effective way that torpedoes would be handled tactically would be for them to operate at a reasonably similar closing velocity between the ship and the target. As the TM suggests, operating at very high speeds may well reduce the potential yield (especially since at very long ranges the full yield is *more likely* to make sense), so I could see various reasons for differing speeds.

If both vessels are moving slowly, and you as a tactical officer know the likely evasion tactic of your opponent, it doesn't make sense to set the torpedo to move much faster than they can react. Otherwise you're just wasting the potential firepower. I suppose there would be an art to it...

But if its moving really fast the other ship wouldnt be able to move in time.

True, but the faster the torp goes, the more M/AM is burned - and that much less is available for detonation. I think DBS' point is that in order to preserve maximum effect, you only want your torp going just as fast as necessary to impact the target.