Is there such a thing as too much power?

All this super power amplification is worthless. It overheat driver voice coil caused to increasing drivers impedance and huge dynamic compression. 
It is even worse -  this dynamic compression has memory, because driver voice coil can't be cooled quick enough. It also cause bad frequency response around crossover points, as result of increased drivers impedance. 
It was the biggest mistake in history of audio industry to go to low sensitive speakers with high power amplifiers.

What I hate most in audio industry - when producers, sellers and reviewers are selling cheap stuff with expensive price tag and try to brainwash people that this cheap stuff is exclusive and expensive.
Audiophile you have to know -
Low sensitive speakers are cheaper to build compared to high sensitive speakers.
High sensitive drivers have bigger magnets and light cones made from more expensive
material compared to heavy cons and weak magnets in low sensitive drivers.
Also to build boxes for high sensitive speakers much more expansive.

@alexberger +1

Alexberger and atmasphere,

I also agree that low efficiency means more power is needed and this results in thermal compression (as the wire in the voice coil heats up, resistance rises).  That is why high efficiency speakers typically sound more dynamic and lively.  

The reason the industry moved away from high efficiency has a lot to do with the large size of typical high efficiency speakers.  That size became an even "bigger" issue with the advent of stereo and the need for two speakers.  Smaller speakers became a commercial necessity for stereo.

I dont still understand the arguments against LOL....

ALL OTHER THINGS BEING EQUAL (That is the part people seem to be missing) a higher power amplifier will always be preferable.  It will run less stressed and have much more headroom.

As for the higher distortion at lower levels of a power amp, even those higher levels of distortion is still well BELOW anyone's hearing so it is a moot point.