This was my thought too, but in
this tread over at Tekheads.co.uk one guy states the opposite. Perhaps he left thicker and more efficient coldplates out of the equation.
"50x50 230W @ 15.2v would easy beat x 172W 40x40's @18v.
think about die size/TEc surafec area, and efficency of coldplate sizes
Im sure it would all become clear to you.
I would much rather have a MCW462+230W TEc then Maze2-2 + 2 x drift0.8's"
But then again, he also states the 172W peltiers running at 18V instead of 20V, wich is close to optimal voltage, so he might be right i that regard.