Flaked are pregelatinized which allows for the starches to be readily accessible by enzymes in the mash. Torrified is heat treated, sorta like blown glass, and it allows for the malt to be wetted more quickly, which also decreases conversion time and provides higher yield. Flakes also contribute less color, but torrified claims to improve head retention.
I don't think oats are available torrified, just wheat and barley. Torrified wheat is used in British pale ales for head retention, according to some sources. Oat flakes also apparently have slightly lower yield. Almost all oats made for brewing are from UK suppliers - Simpson's, Fawcett, etc.
I'd say they're both great!