You can call it what you want, but if you have peaks 20 dB above the rms level, you'll have spikes of power 100X what it is used continuously. when he sets the tone "relative to digital clipping" this tone should reflect that, if not Pano's didn't set the tone properly. Also if you see a speaker that gives a sensitivity of say 90 dB spl 1W 1m it doesn't mean you use only 1W continuously, obviously,it is for 1k, for a wideband signal, it is more, speakers doesn't have even impedance across the band, and most people obviously listen at more than a meter. Regardless on how you choose to do the maths, a 100W amp cannot give you a fairly dynamic recording unclipped/uncompressed/unlimited if you like to listen to 80+ dB SPL or so.