All very valid points by everyone with which I heartilly agree. We're arguing inconsequentialities here. (I hope I didn't just invent that word...).
My only point was overall wattage. Sure, GPUs only use a fraction of their maximum rating most of the time, and average rating is important. I feel that, however, peak rating is important too - if you have a 500W PSU on that one occasion where every component decides to hit its peak wattage draw at once you'll know all about it
Sure, it will never happen, but it just endorses the idea that you can never have too big a PSU. Certainly though, you need one that is big
and good. Certainly not the place to start cutting money when you're system building - in general, as with most things, you get what you pay for.