Wouldn't the arguments about "light loading," considerations about losing power or halving power be rather moot in practice, given the fact that the amp is presented with different loads depending on the frequency?My feeling is that those considerations are not made moot by variations in impedance vs. frequency, they are just made less predictable, and the need to judge by listening is given greater impetus.
Since maximum power levels are typically required in the bass region, though, I suppose that some sense of the degree of power sacrifice that would result from "light loading" could be had by assessing the degree to which the speaker impedance in the lower part of the spectrum is greater than the impedance that the tap the speaker is connected to is nominally intended for (if in fact it is greater!).
Another point to keep in mind, though, related to that part of the spectrum, is that for a given amp design output impedance is lower at the 4 ohm tap than at the 8 ohm tap. Everything else being equal that will result in better damping of back emf from the woofer, and tighter control of the woofer, as Phil indicated in the first response above. So that is one more tradeoff that is involved, along with the others that have been mentioned -- reduced maximum power vs. improved woofer control.
Regards,
-- Al