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What would be the difference...

If everything were somehow mystically equal (speakers, efficiency, total volume of the innards cabinets, volume were the speakers start to give up, etc.) and the only difference would be power handling, then the cabinets would sound the same. But of course in real world one speaker can take 50 W and the other 250 W there are going to be differences.

edit: +1 T-Bird
 
if you run your amp into clipping, you'll risk damaging the speaker. if at all in doubt, buy an amp that can output more than your speakers can handle.

When your amp clips, it sends a nasty signal to the cone, potentiall causing it to overrun it's mechanical excursions...
if you buy a 300 watt head and a 200 watt cab, then only send 2/3s power, or something simmilar. avoid amp clipping.