My two cents based on my observations over time. Let me preface this by saying I am pretty fastidious about my listening levels as I have tennitus and too loud, too long can really aggravate it. As a result, I have carefully calibrated for 74db per speaker at -20dbfs on my desktop and 78 db per speaker on my main system and use volume leveling to adjust music and albums to an average of -20dbfs. These levels are based off of Bob Katz's recommended levels for monitoring while mixing (which can and should be adjusted for room size). This is my normal maximum level listening, but most of my listening is on my desktop while working during the day at about 60-65 db average.
What I have found over time is that compressed music tends to sound pretty loud at the reference level and I often have to turn it down. Conversely, with highly dynamic music, I want to turn it up 3-6 db above my reference. I understand physically, this is because our ears sense loudness based on average levels, not on peaks. The side effect of this (for me at least) is that I play compressed music at lower volumes where the overall peaks may be only 85 db per speaker, not even a watt with my 88 db efficient speakers (a bit more with my very inefficient Magnepans).
Conversely, with highly dynamic music, I find that my average level may be 83 db, but now I am getting peaks of over 100 db. I was curious and measured with REW on a dynamic piece that I was playing above even my normal loud level and shocked to be seeing short peaks of over 110 db. Now we are talking some real power, 400 watts needed to not clip the amp (fortunately my amp puts out 300w/ch into 8 ohms and 600w/ch into 4 ohms), so when turned up, I was right at the clipping point for a pretty big amp with moderately sensitive speakers.
So my theory on power is have lots of it, as most people likely clip their amps when they turn it up without realizing it. It is only when you hear dynamic, unclipped music at higher levels that you realize that you were clipping the amp, you just didn't know it. When in doubt (unless you using high efficiency speakers like horns) err on the side of too much. The reality is that with the very affordable prices on Class D amps, you don't have to sacrifice on power. For $700 you can purchase a Nord with an NC502 with each channel putting out 350 watts into 8 ohms and 500 into 4 ohms. For $900 you can purchase a Nord with Icepower AS1200 modules putting out 600 watts into each channel at 8 ohms and 1200 at 4 ohms.