The class of amp is just a description of the topology more so than the efficiency. A class C amplifier has nearly the same efficiency as a class D amplifier, but it has a very impractical way of making the power, leading it to be only useful for very specific types of amplification ( radio frequencies for instance ). Class G & H are just variations of Class AB. No matter how you classify it though, a watt is a watt is a watt.
Watts are a measurement of heating energy. I.E. watts are the conversion of volts into a load that is converted to heat. This is why a speaker is rated for X watts. Beyond that wattage, it will quite literally burn up. The only real consideration when factoring watts, is how much acoustic output will be created with any given watt.
In the early years of sound production, amplifiers that created any significant wattage was nonexistent. To create as much volume as possible from every watt, you had to have a highly efficient speaker. This is where you see the 1 watt @ 1 meter specification on the speakers you buy. With 1 watt of power, the speaker will produce X db in acoustic output. Physics prescribes that for every doubling of power you will achieve a +3db increase in SPL or acoustic output. This as you can see comes to a point of diminishing returns rather quickly.
Enter the '90s... This is the generation that introduced MI-grade equipment. It was less efficient often having speaker sensitivities of between 89db and 96db @ 1 watt. The only difference was that amplifier power was much more abundant. Acquiring 500-900 watt per channel amps was significantly easier, and as a result, there was no need to spend all the R&D on high sensitivity speakers anymore, you could simply throw wattage at them instead. Speakers went from high sensitivity to simply being able to handle higher wattages. Horn-loaded designs started to fall out of favor for front-loaded designs with lower distortion, but also lower sensitivity.
As for modern Class-D amplfication vs older Class-A designs, the watt is still a watt. In technical terms, a Class A amplifier will still have better overall sound quality. It doesn't have any sort of crossover distortion and there is no switching, or stepping going on. A class-D amplifier works by creating a stepped sine wave. It is just that the steps are so close that we cannot hear them. This is what allows the 90+ % efficiency.
Modern speakers are tending back towards efficiency over brute force. You will notice that the amount of power used for self-powered speakers tends to be around the 2,000-watt mark and has for well over 10 years. This is the point of diminishing returns. To get another +3db, you have to double the power to 4,000 watts!!!! That would mean you have to have a dedicated outlet for every single speaker in order to ensure you don't pop a breaker. So manufacturers are now designing speakers to be more efficient in order to make the most of that same 2,000-watt amplifier. You may have also noticed that most passive speakers have not increased their peak wattage in the past 10 years either? Instead, they are finding ways to make the same wattage speaker just be more efficient.
I would say that we are now closer to the '60s than we have ever been in terms of speaker design and amplifier mantra. We have mega-watt amps, but instead of being for only 2 channels, that power is spread across 4-8 channels. The days of 10,000-watt amps for only 2 channels are over. Now we more commonly have 6,000-watt amps for 4 channels. The Powersoft K20 released around 2010 was probably the most powerful amp of its kind producing 18,000 watts for 2 channels!!!! Their current flagship touring amp the X8 has 8 channels producing only 10,400 watts in bridge mono and up to 5,000 watts per channel @ 2ohms. Now that seems super-duper high considering the amp will produce 5,000 watts over 8 channels, but that is a far cry from the 9,000 watts per channel the K20 would produce. The kicker..... The X8 pulls greater than 5000 watts from the wall! The power plug is rated for 40 amps! You need a specially built power distro just to power the things which they say will pull 32 amps at full output. A 350-watt Class-A amplifier will happily power anything, and you can probably plug several into a single 20 amp circuit. The point is that wattage per channel is starting to shrink, while the speaker efficiency is creeping back up.