Zout will interact with (attenuate) the load based on how reactive or stable the load is. If the load is a straight-line stable (like a planar magnetic) it will attenuate the signal more or less evenly, while a reactive load (like the HD 650) will result in uneven attenuation which means changes to the FR balance. In terms of what this means for the end-user, roughly 2 dB of change to FR is where you'll start noticing changes. The amplifier's handling of load impedance (voltage/current output) also matters here.
High Zout is not universally a bad thing, is basically the take-away.