My apologies for the double post, but it seems this thread is still being found via search and referenced. So I'd like to more clearly state what is probably a better rule of thumb on this front for posterity. Who knows when somebody will revive this thread in 2029
Assuming all cabs are of the same impedance, so that power is being shared equally between them, the best rule of thumb is probably to take the lowest power rating of the cabs at hand and multiply it by however many cabs you're running.
Examples:
1. Two 300w 8ohm cabs (per the OP): Minimum power rating is 300, so 300x2= 600w
2. One 400w 8ohm cab and one 100w 8ohm cab: Minimum power rating is 100, so 100x2= 200w
3. One 800w 8ohm cab, one 400w 8ohm cab, and one 100w 8ohm cab (assuming an amp that can handle it): 100 is still the minimum, so 100x3= 300w
As I said originally: "There are lots of complicating variables, not the least of which are the ratings themselves,", but this is probably the most sensible rule of thumb in order to protect the weakest link in your cab mix.