A bunch of opinions,
albeit not uninformed ones.
1)
I think that the first watt is
important in real life even for modern, average reproduction chains (i.e., the glut of modern, low-sensitivity loudspeakers).
2)
I think the trick is mostly
noise down in the low-output
3)
I think folks are even more noise-obsessed now than they were 20 years ago (which I find a bit ironic).
4)
I think it is
really unfortunate that the proliferation of RFI 'hash' from modern technology has led to both real and imagined noise issues in audio reproduction.
5)
I think that the obsession with power conditioning and esoteric power and audio cables is driven, to a significant extent, by the added noise of RFI and digital signal processing artifacts (irrespective of the low level of particularly the latter).
6)
I think that y'all'll likely disagree relatively vehemently with me on some, perhaps all of these items!

(actually, I am
pretty sure about number 6)
bonus opinion
7) For those of us troglodytes (
mancave-dwellers, if you will

) using (very) high-sensitivity loudspeakers, the first
100 mW is important (and, perhaps, even the most important)!