Graphic card draws 30 to 150 Watt, cpu + mobo + ram draw 130 Watt, soundcard 20 Watt, harddisk draws 5 Watt, CDRom draws 10 Watt, Keyboard, USB devices, Mouse draw 30 Watt.
Fans draw 5 to 20 Watt, have 3 of em (2 on case, 1 on cpu) (30 Watt).
Now consider the whole comp without graphic board: 230 Watt.
You want the power supply to run at 60 - 85 percent of rated power & the comp to stay clean under rated power when switched on where it draws a bit extra.
Now with a mid sized graphic board which draws 75 Watt which is afaik the max it may take from the PCIe (PEG) slot , you have a power draw of about 305 Watt so need a powersupply with >360 Watt. That is a bare minimum computer, with a pretty fast cpu (we want it to play ah). Add 20 Watt for a top end cpu.
BUT if you put in a cheap graphic card, which has no fan and a low power GPU you need only 30 Watt there, also you dont need the 2 case fans then... puts you total to 250 Watt. Sounds like a >300 Watt power supply.
OR you take a super hot new top of the line graphic board, which takes 130 Watt, will put you at 360 Watt which needs a >420 Watt power supply. Plug in another one, youll need another case fan and a >550 Watt power supply.
WHEN you add a harddisk or a cd rom drive that doesnt change much to the total power consumption.
On top of that most cheap power supply cant give their rated power and have a hard time giving out 60 percent of it, the graphic card reccomendations are made to fit these power supplies.
So to anwser you question, a power supply which is high quality and really delivers the power it promises together with the power being on the right voltages can be a bit smaller than the graphic board suggestion if you have a bare minimum pc, but since you use USB devices, soundcard, 2nd harddrive (which will usually come in the lifetime of a comp) and cant be sure that the power supply really delivers what you want, it is usually better to stay at the reccomended size or bigger. I for example already have 3 USB devices permanently plugged in (2 Joysticks and pedals) and will add a 4th.
Or, to to be exact if you want to add anything extraordinary else but the usual it is necessary to get a bigger power supply than they reccomend.
BTW the power consumption i assumed for the devices are verry rough estimates, can read on tons of websites which are better ones to use.