Perhaps most important, you can predict from its impedance plot how hard the loudspeaker is for an amplifier to drive. Because a loudspeaker's impedance is reactive, the current will lag or lead the signal voltage by the phase angle [25]. In the worst case—when the phase angle is 90 degrees—the amplifier is required to source the maximum current at the same time as the signal voltage approaches zero. Simply to specify a loudspeaker as having an 8 ohm nominal impedance, therefore, can be misleading. Depending on the phase angle of the impedance, which will be different at every frequency, the loudspeaker could look to the amplifier as having a much lower impedance. However, as the late Peter Baxandall pointed out in an Audio Engineering Society presentation in 1987 [26], the maximum phase angle never occurs when the impedance has its lowest amplitude. As both are two-dimensional projections of a three-dimensional phenomenon, they're mathematically related.
There has been much conjecture on this subject for the past 20 years in audiophile circles. Eric Benjamin of Dolby examined the matter in detail in 1992 [27]. (The "References" section of his paper is comprehensive.) In particular, he looked at the theoretical power dissipation in an amplifier's class-B output stage, which will depend on the speaker impedance magnitude and phase angle. While he found that the maximum current drawn by a loudspeaker almost never exceeds that predicted by the minimum impedance value, the calculated dissipation in the amplifier output devices was between 120% and 270% of that predicted, depending on the impedance and the drive signal.
It appears, therefore, that amplifier output stages need to be overspecified from slightly to considerably, depending on the loudspeakers they are required to drive. That most amplifiers don't appear to be significantly stressed is due to the fact that, as E. Brad Meyer has pointed out [28], at typical listening levels in a typical room with typical loudspeakers, a consumer amplifier is never required to deliver more than a few watts.