Originally Posted by
chrestomanci
The power rating on a PSU is the maximum power it can supply the PC's components. Due to inefficiencies it will draw more than that from the mains.
For example, an 80% efficient PSU providing your PC's components with 400W of power, will draw 500W from the mains and emit 100W of heat doing it. (Almost all of that 400W will get turned to heat by your other PC components, so the room will get 500W of heating).
The efficiency of a PSU is not fixed. It depends on how much power it is producing, the temperature, and the quality of the power it is receiving.