The power supply is one of the most important parts of any computers system. DON'T SKIMP!
When talking about the wattage, it really depends on how many devices you have attached. If you have only one hard drive and a CD drive, 300-350 is plenty.
Now, when it comes to the higher end systems, you want to make sure there are enough amps to power your new system. The more amps, the better off you are. This should be disclosed in any decent power supply's specs.
Also make sure the efficiency rating is at least 70% or higher, or darn close to 70%.