BigTuna is absolutely right: the definitions and standards used to determine "watts" have changed a number of times over the years.
A lot of gear today that claims "100 Watts" or more, if measured by the standards of the seventies "receiver wars" measurements, would be perhaps 10-25 watts.
The worst, most exaggerated claims are the "PMPO" ratings that were especially popular in the late 80s/90s (If I recall the timing right). Basically this was the most you could put through ONE channel, in optimal conditions, at one frequency, with all else off, for a fraction of a second, just before the thing burned up and died. It was a virtually useless, meaningless measurement for anyone, probably used to disguise the fact that boomboxes usually only put out a few (usually about 4 or 5) real watts, and even the loudest ones ever made barely went over 20 watts, and then only with extreme distortion and eventual self-destruction.
In contrast, the ratings used in the 70s were REAL watts of real music power that could be put out of BOTH channels CONTINUOUSLY for at least one hour, but in fact for days (or weeks or months or perhaps longer) on end, without significant distortion or damage. This was a meaningful measurement of real, useful power. And most of the time, the ratings were conservative; the gear could actually exceed the given power ratings if put to the test.
Most of the time, we don't put anywhere remotely near the power of an amplifier through our speakers. In fact, cranking up a vintage power amplifier with a 100+ watt rating all the way to its maximum output, would make your ears bleed, just before it destroyed your speakers! That extra power is there so that the amplifier (whether part of a receiver or separate) can have "power to spare" for handling peak transients and such, while remaining in an easy, comfortable zone where there is minimal distortion.
The odds are good that a vintage receiver that claims 50 watts per channel capacity --if up to spec-- will play louder, longer and with less distortion than any typical modern gear that claims 100+ watts. ...unless you are talking about high-end gear that would give more conservative/accurate ratings (like, say, McIntosh).
This especially applies to any "home theater" type amplifiers: they use some weird voodoo mathematics to calculate their power output, too!