Photon torpedo
Photon torpedoes are secondary missile weapons used by the starships of the United Federation of Planets. They do damage via the release of gamma rays from a matter-antimatter reaction.
Various alien powers use weapons that are visually similar to, or identified as, photon torpedoes. Whether they use the same operating principle is unknown; many of these weapons were local developments not based on the Federation design.
Variable Yields
Photon torpedoes have been observed to have vastly different yields. Many of them can be explained through deliberate "dialing down" of the yields to avoid friendly fire, such as in The Final Frontier. However, a popular theory is the antimatter injection theory. Since the release of the High Definition version of Star Trek II: The Wrath of Khan, torpedoes have been confirmed to have their antimatter inserted in "real-time." As well, torpedo casings are noted in numerous episodes without their warhead.
Therefore, the differences between the tactical yield and maximum yield is a logarithmic function of time, with more time required to ready the torpedo for a greater yield. In The Wrath of Khan special measures are taken to preload torpedoes in anticipation of battle.
Based on the energy required to destroy an asteroid, TNG-era photon torpedoes have a maximum yield of hundreds of kilotons.[1]
Trekkie Yield Claims
Trekkies have argued that the episode "Skin of Evil", in which a photon torpedo detonation on a planet is viewed from orbit, indicates a yield of as much as 9.83 gigatons (air blast) to 144 gigatons (fireball), but the effect seen appears and disappears far too quickly to be either phenomenon. Their "low end estimate", assuming the effect seen was result of thermal radiation, is 500 megatons.
See Picard 578's blog for an example of the Trekkie approach.
Data from TNG and DS9 Technical Manuals
According to the non-canon TNG Technical Manual, a photon torpedo can carry up to 1.5 kg of antimatter, giving it a theoretical maximum yield of 64 megatons. Based on a 74% efficiency estimate found in the DS9 Technical Manual, the actual energy release would be closer to 48 megatons for a maximum-yield torpedo. These yield estimates are incompatible with evidence from canon events.
Warp Propulsion
Photon torpedoes do not have a warp drive, but they do have something called a "sustainer engine" that allows them to keep travelling at warp speed if launched from a starship that is already traveling at warp.[2]
Conveyor Belts vs Single Shot
As witnessed in The Wrath of Khan, torpedoes are stored and ferried to their launchers by a complex system of pulleys and conveyor belts. Such a system would be highly prone to failure under battle stress, and it is common for enemies to target specific weapons systems and disable them. Due to the "leaky" nature of Star Trek's shields, a pinpoint strike against a ship even with its shields up could knock out the conveyor system.
Recent incarnations of Starfleet ships such as the Enterprise-E have more torpedo launchers. These additional torpedo launchers are nowhere near the size of the torpedo bays on Galaxy-class, Constitution-class, or other Starfleet vessels. Rather than assume greater firepower due to increased number of torpedo launchers, another more elegant explanation is the Federation attempting to do away with this conveyor system.
One example is the single-shot launcher on top of the observation lounge on the Enterprise-E. Either the launcher is single shot, because there is no room for the complex machinery required for the conveyor system, or there is a hard line and the torpedoes are transported to the launcher. Another possibility is a site-to-site transport. All of these approaches present serious problems of their own, such as greater power usage and complexity for no gain.
The most satisfying solution would be to not use antimatter torpedoes at all, a position the Federation seems unprepared to adopt.