A watt is a watt. It all depends on test parameters and whether the manufacturer cheats or not.
Doug
Actually, no, not in this situation. If you understand the differences between the FTC testing regimen and actual speaker demands, you get a far more accurate view of the world. When I did stand up trainings I would often as "what's faster, an Indy car or an F150?" Of course, everyone jumped on the Indy car bandwagon. I would follow with "off road". Game changed.
The answer to the OP's question is that the old Marantz amplifiers were designed to address real world speaker loads, the new product is designed to look good on the FTC power tests. Part of the downfall of the industry.