luciferano :
Wattage of the PSU is almost irrelevant. Look at the +12V amperage because that is what is important. This does not necessarily directly correlate with the wattage rating. For example, a 430W PSU might have a 35 amp rating while a 500W has a 28 amp rating and the reverse can be true, depending on the model.
PSUs that are run at very high load are running less efficiently and yes, this does cause additional wear and tear damage to the PSUs.
You are right that the important factor is the 12V supply; a crappy power supply will sometimes supply large amounts of power on the 5V and 3.3V rails in order to reach higher ratings.
However I'm not sure if I follow what you are saying about efficiency, so I'm going to clarify some for the OP.
In theory, a 500W PSU will supply 500W to you components; it's efficiency does not matter whatsoever, an 80+gold is no more capable of supplying 500W to components than a PSU that cannot achieve 80+ certification at all. The efficiency rating only affects whether your 500W PSU pulls 550W or 600W of AC power from the wall.
However, the ratings of a PSU can really vary in what they mean (even the current ratings of the 12/5/3.3V rails). A 500W PSU from seasonic you could likely run at or near the max ratings for all 3 rails for a long long time; however a 500W PSU from ChiefMax may only be able to sustain it's max ratings for 30 seconds.
If the PSU fails due to being over-loaded for too long, nobody can really predict how it would fail (except possibly the engineers who designed it). I would expect you to see some warning signs before it outright failed, but I wouldn't put my own theory to the test either.
From looking around, it seems like recommendations are to have 25A on the 12V rail (source: http://forum-en.msi.com/faq/article/printer/power-requirements-for-graphics-cards) for a standard 7950; your PSU supplies 34A at 12V so to me it seems pretty safe, you've got a good amount of headroom on your 12V supply to account for any overclocking and extra system usage. (basic components are accounted for by the 25A recommendation, but if you've got several extra HDDs or massive overclocks, you will use more at full load).
If you are still nervous though, I would pick up a larger PSU of similar quality (http://www.eggxpert.com/forums/thread/323050.aspx), Seasonic, Corsair, XFX, PC Power & Cooling are typically all good brands; Silverstone appears to be quite good at a glance, though it's not one I typically recommend (for reasons of ignorance, not because of anything against that brand).