I think this contradicts something I've read previously. A while ago I looked at a RaneNote which discussed amplifier clipping. I thought that it would be helpful to quote the relevant sections directly from it:
'Studies show the typical spectral energy for different types of music have high frequency energy considerably lower in level than low frequency energy [2]...
Loudspeaker manufacturers use this knowledge about the energy distribution of music when they design their products...For a speaker system rated to handle a given number of watts, the tweeter by itself can probably handle less than one-tenth that amount.
...While doing research into the reliability and protection of power amplifiers, I had to study how the typical consumer used amplifiers and speakers. I found that clipping is a common occurrence and is not as audible as most people think. I also found that the operation of many clipping indicators is very slow and does not always show actual clipping. (Many manufacturers slow them down, using their own rule of thumb for how much clipping can occur until it lights the indicator.)
...analysis shows if a small tweeter that only handles 5 or 10 watts is used in a 100 watt speaker system it would not blow out, even under square wave conditions. Yet it does. It takes a lot more than this to cause major failure. So what’s happening? Compression is what’s happening [3].
Today’s newer higher quality amplifiers have greater dynamic range and sound better when clipped with musical transients than older amplifier designs. So it is more likely for a user to overdrive and clip newer amplifiers on low frequency dynamic peaks because of lower audible distortion. This results in compression of the dynamics of the music. The high frequencies get louder but the low frequencies can’t. This may be heard as an increase in brightness of the sound. Some may simply interpret it as louder with no change in tonal balance.
For example, in a 100 watt amplifier, as you turn up the level, the low frequency components will limit (clip) at 100 watts. Meanwhile the high frequency components continue to increase until they (the high frequencies) approach the 100 watt clipping point.
...If you overdrive the amplifier by 10dB, the high frequency amplitude goes up by 10dB. This goes on dB for dB as you turn up the volume, until the high frequency reaches the 100 watt level. Meanwhile the peak level of the low frequency portion can not increase above 100 watts (See Fig. 4). This now represents nearly 100% compression (no difference between HF amplitude and LF amplitude).
Now it is easy to see how the high frequency portion exceeds the 5 or 10 watts tweeter rating. Sure, clipping is producing extra harmonics but they never approach the levels of the amplified high frequency source signals.
It may be argued that the signal’s distortion would be intolerable. Don’t fool yourself. It really surprises people how much clipping they tolerate before they cannot listen anymore. Just disconnect the clipping indicator on a power amplifier and see how loud someone drives it. Watch the amplifier output with an oscilloscope. There will be a surprising level of clipping. 10 dB clipped off the top of low frequency transients is not an uncommon occurrence when the purpose is to impress your neighbors.'
RaneNote 128, 'Power Amplifier Clipping and its Effects on Loudspeaker Reliability'. Monty Ross. Rane Corporation, 1991.
http://www.audiovisualdevices.com.au/downloads/rane/note128.pdf