The impedance/efficiency numbers show how easily the headphone/speaker can be driven, i.e. how loud (in dBs) a certain amount of mW will get (headphones, I believe, are stated in dB/mW and speakers in dB/W). Anyway, a sample calculation may make it easier:
Say a pair of phones has an imp. of 32ohms, and is 98dB/mW efficient, and I have an amp (like that on my Aiwa HX70 MDP) that can output 8mW into 16ohms. The math goes like this
P=(V^2)/R and since voltage is constant,
P1*R1 = P2*R2 => 8mW*16ohms=P2*32ohms; P2=4mW
How it goes is stated in this fashion (broken down for simplicity):
Loudness= efficiency rating + 10*log ( amount of mW the amp can output to the driver, or P2)
mathematically: loudness = 98dB + 10*log (4mW) = 104.02dB at full power, whereas the 40ohm, 94dB phones would only go to 99.05dB at full power.
One more thing, Grado's, to my knowledge are measured in dB/mV not dB/mW. So one would have to find out what the power rating was in mV through P=(V^2)/R ...
PS - if any of my calculations are wrong, please excuse me, it's been 2 years since my last EE class and I'm a little rusty (the fact that I slept through it doesn't help either)