I tested mine once and it was around 330 watts output - I forget the actual number though. About 390 coming in.
The bulbs look different on electronic vs M80, too. Phoenix is more 14k whiter, crisp and powerful on M80, but looks bluer like a 20K on electronic - the actinic and coloration is fantastic on both IMO. If the bulb was made to run off of M80, then the color, output and bulb life should be based on the M80 ballast and electronic will under drive them. To your point, I guess that there could be DE HQI bulbs that are not made for the extra wattage that might lower their live. If you have a deep tank or want to keep high light stuff in the sand (crocea/maxima clams, high light sps, etc), then M80 is probably the way to go. If you have a shallow tank, or don't have a lot of high light inhabitants, then either is more than fine.
This is kind of like how 20K Radiums look different on High Pressure Sodium (S-51?, I forget) than they did on 400W MH (M59). Both look good (different), but the HPS supposedly drove them to even better color and output. I had 20K radium on M59 and they were very amazing... only outdone IMO by 250W HQI.
I have 14K phoenix on M80 if you ever want to see them to compare.