I love these personal opinion threads. Many good points i see in the posts. Back when I was and the cars were popular, a friend had a 68 Hemi Roadrunner, a 4 speed car with too much power for the tires back in the day. If you hit the loud pedal, you had better be grabbing the gears pretty damn quick because the *** end wants to catch up with the front end real quick. Too much power!.............................just for the tires and traction. The old cars were a handful that way back then. The op's question is a loaded one and there is no correct answer. If you're out of control most of the time, you have too much power for your car and what you can control. It could be a 318 in a Swinger with traction issues. If you own a car with a hot engine and it's not fun to drive because all it wants to do is spin, you might have too much power (or you need to put on some Cal Tracks and tub the thing) But as soon as you get it to hook, you will need more power. What a vicious circle!
