RMS (root mean squared I think it is, or something like that) is the real important figure when it comes to guaging the power (or raw volume) of hifi gear.
'Total System Power', to be honest, I'm not sure - perhaps it is the power consumption in W such as you say as it is drawn from the socket (counting for a less than 100% efficient amplifier of course). Some of the power gets lost in heat.
The other figure you often here is PMPO (Peak mean power output I *think*, again off the top of my head) which is often an overly exaggerated and altogether useless figure.
In short, the only figure you need to judge the relative volume of the system is the RMS figure.
Bear in mind that the subwoofer will normally have a much higher RMS rating than the satellites, due to the way subwoofers work within a far more limited frequency range I presume.
To be perfectly honest, that system would be fine in terms of volume for surround gaming and movies at lowish volumes. If it's power or loud music listening that you are after, then you really should be aiming for something like the G500, or the Z-5400/5500 from logitech.