By having a power supply larger than required, allows it to run cooler since less current is flowing through the unit, but a drawback is that instead of it converting the power at an 85% efficiency at high loads, it may only produce the power at an 80% efficiency, thus creating 5% wasted electricity, of which some of this loss will be offset from the fact that the PSU will run cooler, transferring less heat into your PC room.
Bottom line is that having more power reserve generally results in the PSU running cooler and more silent than if it is running at max load, where it generates more heat and noise due to the cooling fan speeding up to compensate.