Assuming relatively sensitive speakers with a fairly benign impedence, my experience is that lower-powered amps tend to sound better, as there are fewer output devices to muck up the signal. More output transistors or output tubes means more circuitry and more transistor rush / more tube rush -- this can be very audible in a revealing system (in the form of lost transparency and detail). This is one of the advantages of simple single-ended amps, which tend to have one (and maximum of two) output devices.
While the comparison is obviously very inexact and there were a lot of factors at play, a friend and I once spent several hours listening to a wide range of music on a potent $200K Krell / JM Labs Grande Utopia system at Singer. We then went into a smaller room and listened to a VAC Renaissance 30/30 (32 watts/channel) power a pair of Meadowlark Blue Herons. The VAC / Meadowlark system embarrassed the Krell / JM Labs system -- we just sat there looking at each other, shaking our heads.
While the comparison is obviously very inexact and there were a lot of factors at play, a friend and I once spent several hours listening to a wide range of music on a potent $200K Krell / JM Labs Grande Utopia system at Singer. We then went into a smaller room and listened to a VAC Renaissance 30/30 (32 watts/channel) power a pair of Meadowlark Blue Herons. The VAC / Meadowlark system embarrassed the Krell / JM Labs system -- we just sat there looking at each other, shaking our heads.