Torches should produce light when dropped.  It would be nice to be able to drop a torch into a dark cave and see how deep it is or see what is down there.  Example, you are exploring a cave and come up to a large drop off, you equip a torch and hit "q" to drop it into the darkness.  As the torch falls it will make light so you can see it falling and it will light up the area around the torch when it lies on the ground.  This would be separate from placing a torch.