WOW. Lots of incorrect info in this thread.
Fitzy is correct about the original intentions of 1/4" phone jacks and plugs.
Chasarms, 1/4" jacks are good to use for up to around 300 watts of juice. Anything above that, and you run into chances of failure. The reason being, is that the amount of current running through a, say, 12-ga cable, can pass through without thermal problems or inherent resistance. But as soon as the cross-sectional surface area of that 12-ga cable gets necked down to the surface contact point inside a 1/4" connection, you see a huge jump in resistance and tons of wattage flowing through that point creates heat. I've seen plenty of 1/4" jacks/plugs fail because they get too warm and their plastic components melt.
For decades, bassists didn't have extreme-wattage high-power solid-state amps that can push 2000 watts! That's a serious amount of juice! Hell, even an Ampeg SVT6 running 1100 watts is a dangerous amp to make mistakes with, and that's a relatively brand-new amp.
"Again, the bigger issue is the wire itself, not the connector."
Absolutely incorrect. As Bongomania posted, "Surface area. When you consider that 1/4" plugs are round, and the flexible contact tabs inside the jacks are flat, it means the actual connecting surface area of each + and - point is only a few molecules wide. Banana plugs and Speakons have a lot more connecting surface area." That smaller surface area leads to increases of resistance, dropping of wattage, and thermal waste.
Also as Trevcda mentioned, speakons are protected. With a 1/4" jack, you can physically touch the two contacts and electrocute yourself. the same is true with banana plugs. With Speakons, however, their contact terminals are COMPLETELY SHIELDED BY NONCONDUCTING PLASTIC. You cannot physically touch the contacts. That alone should convince you of the superiority of Speakon over previous connectors.
"Mesa seem to have been quite happy for decades with the 1/4"plugs on the 400+, and that is certainly not a "low-powered" amp. They obviously did not consider it worth the effort to change to speakon???"
Just cuz they're Mesa, doesn't mean everything they do is absolutely right. Just look at their Rectifier series amps... BUZZ!!!!

I love their construction methods, but not everything they do is genius. Some of it is just following the industry standards, which are standards that are quite obsolete, in my most humble of opinions.
"I want to know why the peavey DPC1400 has banana plugs in the US version but the european portion of the manual shows the DPC1400 having speakons."
Because the Speakon connector was developed by Neutrik, a European company, and was implimented there first. Not everyone in the states even knows that Speakon exists, nor exactly what Speakon is for! Heck, some Guitarded Center twerps don't even understand the difference between a Speakon NL2 and NL4 connector, or that there's such a thing as a bridging-only Speakon cable! I've been handed those cables when asking for a standard Speakon cable, and had to (quite rudely) school their asses on the differences. Shame, that a customer knows more about a product than a "specialist salesman."