The old rule ( 200w ) was for petrol bikes - Electrics came much later and you're right that most can't make it within the 200w limit ( I have one, but it took me a while to figure out how to set a maximum power exactly. I start at 125w and boost beyond that with power control ).
The problem is that the government started buying pedelecs and they were all illegal, so the laws had to change. Meanwhile there was a group of people who didn't like petrol, so they did a hatchet job on petrol bikes, and now the laws are so messed up that technically, no assisted bicycle is perfectly legal in australia under either standard - and you're also correct that it's going to have to be tested by the courts. I pity the first victim who gets to be the guinea pig for that event.
Anyway, in some states like WA, QLD, they passed additional laws limiting the maximum power of pedelecs to 250w ( Not the maximum continuous ) - this makes no reference to the standard, so technically pedelecs are illegal in both states through poor lawmaking. EN15194 does define maximum power as peak power, so that's not exactly helpful to those trying to comply.
200w bikes still are legal, but are difficult to make compliant... I've set mine to about 150/170w at the moment, but once I finish my dyno, I'll set it to 195w. It uses voltage boosters to offset the back-emf from the motor and can boost operation to about 40 kph given the right wind or gradient conditions - all within the rules.
As for Pedelecs? They seem OK in NSW since they've issued guidance that it's maximum continuous there, not peak power, so NSW is somewhat OK, but the bicycles are possibly illegal under other guidance about how long the power assist can last - This was due to a court case in which they tried to ban electric scooters. This is a problem because EN15194 doesn't set any time limits around this, so some bikes won't comply.
Under the EN standard, 750w peak sounds pretty accurate and is about what I'd expect, but if the power isn't zero at 25kph, then the bicycle is a motorcycle. Most start to lose power around 19 kph and continue until 25 kph as the drop-off in current must be linear from peak to zero. However, it's this characteristic that makes these bikes dangerous as they can take off suddenly while pedaling slowly and can continue to provide full power (800w as was mentioned) for up to 5m - which can lead to collisions with pedestrians.
Anyway, I'm more pro-petrol

So I made up a petrol based system that conforms to EN15194 and recently got it approved for operation under WA law for 250w, so technically it is possible to meet the standards - it's just that many pedelecs will not.
Regards
David