If you can afford an extra $160, the SSD is well worth it.
As the Vertex and Torqx are identical inside the box (same controller, same flash), they should both have the same reliability.
Short answer to the rest, yes, a SSD (except for the JMicron controlled drives) will be substantially faster in practice than a 10k RPM drive.
It has more to do with the random performance than anything else.
In real life usage, you are not going to be making very many large file sequential wrights.
You will, however, be making tons of random reads/wrights anytime you do basically anything on your system.
Nearly every SSD available is capable of massively outperforming the best performing hard drives in Sequential Access'.
A good, non enterprise, SSD is not terrible with Sequential Wrights but falls behind the faster hard drives.
When you move to Random Read performance, SSD's again are king with a massive advantage.
Random Wright performance is a little more complicated.
With some non JMicron based SSD's you are again looking at massive performance gains, others perform a little more lackluster.
According to Anandtech's update on the OCZ Vertex, it performs 297% faster than the Raptor (6.47MB/s vs 1.63MB/s).
The current Samsung based SSD's give you performance a bit slower still somewhat acceptable, about like a notebook drive (0.55-077MB/s).
The JMicron based drives, on the other hand, perform pathetically bad with Random Wrights.
A single JMicron JMF602B controller gets you 0.02MB/s and the 'new improved' drives with a pair running internal RAID 0 gets you a whopping 0.03MB/s
Here is a quick performance chart from
Anandtech's SSD Anthology:
And this is from the
OCZ Vertex Performance/Firmware Update
If you have not already done so, I would still recomend reading
Anandtech's: The SSD Anthology (or at least skipping ahead to the
Benchmarks).
Although a long read, it gives you a great background on how SSD's work and why they perform so much better than standard hard drives.