I know it's blasphemy here, but I think the subjectivists might be on to something with HE-6 based on their anecdotal power observations along with Innerfidelity measurements.
I agree that a large power reserve that is never used should have no positive sound contribution.
However, if you use the Hifiman spec (83.5dB/mW), yes, 10W seems quite excessive (123.5dB SPL). But if you calculate sensitivity from the Innerfidelity measurements, you get around 77dB/mW. Then you start needing 2W to get to 110dB SPL (versus 450mW) or over 6W to get to 115dB SPL (head room, yada yada). 10W is _only_ 117dB SPL, which is obviously screaming loud, but I don't tend to draw the unreasonable line until >120dB SPL.
Now, I could write this off as being one sample that is less sensitive than normal. But I've also looked at the Innerfidelity measurements for various copies of K 701 (and relatives) and they seem closer to 87dB/mW rather than AKG's 93dB/mW spec.
Maybe Innerfidelity just measures considerably lower than the manufacturers based on methodology (so few specs even list the sensitivity frequency or range of frequencies, grr). HE-400 as measured by Innerfidelity are 95dB/mW versus the spec'ed 92.5dB/mW. So I don't think that's quite it either.
I won't conclude with a fallacious "the truth is in the middle somewhere" statement, but my trust in manufacturers' published sensitivity spec plus math is a bit more... skeptical now. Is nothing sacred?
I don't know if this 'revelation' was made long ago on this subforum or elsewhere, but given the dubious quality typical of other manufacturer specs, I probably shouldn't have been nearly as surprised as I was.