You also need to consider surface area as well as the depth. Then you are looking at the lumens/m² at the surface and can consider if it's high enough for the depth of the tank.
Efficiency of reflectors must also be considered - is all the light making it to the surface of the tank or only 50-90%. Also, is the light evenly distibuted or significantly more intense in some areas (MH).
I think all factors mentioned so far really need to be considered and yes, watts is a very poor value to go by given the huge range of lights, colour spectrums and efficiencies available now.