"You need to check your facts, the HD3850 draws 15 watts less power than the most energy efficient nvidia card today, 8800GT. The GT draws 110 watts."
HD3850 is done in 55nm process where as 8800GT is done in 65nm process. The smaller manufacturing process the smaller power consumption. The 8800GT is roughly 16% faster than HD3850.
AFAIK the older Radeons did consume more power than contemporary GFs so the capacity of the PSU may be a problem if you decide to invest in a fast but older technology graphics card. I'm not sure what the power consumption figures are in midrange where Rad and GF may be more equal.
This might help too:
http://www23.tomshardware.com/graphics_2007.html (pointed out earlier but in case you couldn't find it...)
If you blow up your PSU it is very much possible that it will break a few other components too, so IMO 300W may be enough but it was meant to supply only the original load of your comp and depending on the graphics card you decide to get it may not be safe to run it at its peak power.
-C+