If you've ever tore into one of the old 12" 3 way floor speakers of the 70's and 80's (Technics, Sansui, JVC, AAL, Pioneer, Kenwood, etc...), you'd find the magnets on the woofers weighed about 2lbs. You'd also find the entire speaker weighed about a third of todays towers. With such a small magnet on the woofer, there was little resistance and thus great efficiency. It didn't take much to max out those speakers with a 40 watt 2 channel receiver back in the day. If you ever checked the receiver after running it for hours, it was extremely hot. I don't think the new receivers are any less powerful, but that the speakers are simply less efficient. IMO I think mfg's do this for better warranties and to handle the higher power. The big goal of mfg's is to rate the receivers at 100 watts - however they can get to it. Most do put out 100 watts, but some at high distortion rates. Nevertheless, if speaker mfg's didn't lower the efficiency on speakers, they'd be replacing drivers left and right.