It's the processors themselves that need more juice than the old days.
Whether you need 400+ watts entirely depends on what you have in your box. AMD wants 30 amps available on the 5-volt line and a combined 180 watts available on the 5-volt and 3.3 volt lines. Many 300 watt supplies meet those specs and work fine. Power requirements for the current Pentium 4's are much less.
Whether you need 400+ watts depends on how many PCI cards you add, how many drives, fans, etc. Unless you are talking about filling all of your PCI slots, using 4 or more hard drives, a 300 watt supply that meets the criteria I posted above will work fine for a standard system. (2 hard drives, 2 ROM drives, video card, sound card, 2-3 case fans, etc.)