Power ratings on Pioneer/Sony/Yahama receivers are sort of like saying a car can do 120 miles per hour and qualifying it in the fine print by saying, driving off a cliff right before you hit the ground.
This b.s. on power ratings is especially pronounced on the lower end receivers although with the new Elite line the b.s. has reached a crescendo (the 72 and 74 actually produce about 40 watts per channel less power than the 56 and 54 models they replace yet claim 20 watt per channel power increases (look at the weight of the new receivers and you will see what is going on).
Those ratings are usually peak power ratings for a few milliseconds into a 6 ohm load for a single channel at 1 khz. Outlaws are all channels driven full spectrum sound for about 5 seconds at about 90% of rated output.
My guess is that your current receiver really can produce about 1/2 the power of the 1070 or less (weight is usually a good proxy for power given similar amplifier technology).
Given this info, how efficient are your current speakers and how loudly do you play them? For instance If you have Klipshorn speakers with 96 decibel ratings into 1 watt at 1 meter you could get by just fine with a couple of watts of power.
Read this
http://en.wikipedia.org/wiki/Decibels#Electronics to understand how power relates to sound output and how our ears perceive volume differences.