The efficiency that is described relates to the power factor. An active PFC (power factor correction) is able to have the highest efficiency since it can properly correct for the inductance of the power supply. This inductive phase angle causes the power supply to draw more amps than it normally would.
If the efficiency is 70%, then if the components in your system are drawing 200 watts, then, the power supply would be demanding 260 watts from the wall. The power supply would also have to disspate this in the form of heat.
Some power supplies offer a passive PFC, which uses a parallel bank of capacitors to rectify the power factor to achieve a efficieny rating of around ~70% or so.
PC Power and cooling offers 95-99% efficiency through its active PFC and is much more efficient than standard power supplies. This efficiency, however is expensive, but may pay for itself in a few years in power savings.