bill,
the importance of wattage really depends on the speakers you're trying to drive with that wattage and the volume you want to achieve - the more difficult a load the speakers are to drive, the more power (wattage) needed to drive them and make them achieve a given volume.
the relative "heaviness" of the load presented to amplifiers and receivers by speakers is captured by the "sensitivity" rating you'll often see in their specifications - it looks something like "89db / 1w / 1m", whih means that the speaker will produce a volume of 89db with 1 watt of power when the listener is 1 meter away from the speaker. (sometimes it says something like "89db / 2.83 volts / 1 m" which, depending on the impedance of the speakers, can translate into more than 1 watt...)
the rule of thumb after that is that every 3db of volume requires twice as much power to produce, so:
89db - 1w
92db - 2w
95db - 4w
98db - 8w
101db - 16w
103db - 32w
106db - 64w
109db - 128w
112db - 256w
and so on.
then there's the impedance of the speaker, rated in "ohms"; the lower the impedance, the more power the speaker draws from the amplifier or receiver. so make sure you check on the impedance of the speaker and the amount of power the amplifier or receiver is capable of putting into that impedance. for instance, at 4 ohms, the amplifier is required to put out TWICE the wattage it puts into the same speaker at 8 ohms, and not all amplifiers are capable of sustaining that sort of output.
of course, the rated impedance of speakers is usually an average or "nominal" rating - the actual impedance at any point in time will fall along a wide range of numbers, depending on the frequency of the sound it is trying to reproduce, with the lower frequencies typically having the lowest impedances.
these numbers also vary with the distance from the speaker to the listening position, although i forget the exact relation - something like -3db per 1m away, but someone else will be able to correct me on this.
so. how much wattage matters depends on how much volume matters to you and the sensitivity and impedance of the speakers you intend to drive with the that wattage, and how far away you will probably be from the speakers when you're listening to them.
wattage also matters when it comes to hurting your speakers - conventional wisdom says that the most damage you can do to your speakers is done by putting TOO MUCH wattage into speakers that aren't capable of handling it.
this is not necessarily true - by far a more common source of damage to speakers is done by giving them TOO LITTLE power; what happens, basically, is that the amplifier reaches its maximum power rating, at which point it starts "clipping" the tops off of the signals it sends to the speaker. these clipped signals are incredibly difficult for speakers to reproduce, and can fry drivers (especially tweeters) in no time at all.
anyway. some stuff to think about.
i'm sure others will fill in the gaps and probably paint a clearer picture...
- jd