Thing is, MT called it a 40 watt amp just a few weeks before it was introduced. MT likes tight, percussive, punchy amps. Putting big power tubes in, but starving the power elsewhere doesn't usually equate to "big, tight and punchy."
Every review I've seen either said it was very loud for 15 watts or many said something like "no way it's 15 watts." Several said it was clearly louder than some 30-40 watters they had. If it's held down by transformers, I don't think the response would be so overwhelmingly in agreement that it was more powerful that 15 watts. Also, it the transformers are holding it down, it will run out of juice and "sag." Think about the things some people love about an old Champ for example. The people who have cranked this up say it just keeps getting louder til it's crazy loud, which again, doesn't sound like a power section that is held back by OT's or small filter caps. It "could" have small trannies and big caps and wouldn't sag as much... but at unless you really plan to make one circuit that you can just change a couple parts on and later release a 50 watt version or whatever, you wonder why they'd go to all the trouble, then start the thing back to lower wattage.
Until I see inside the thing or read from someone who can analyze a circuit from start to finish, I'm going to guess that PRS is sandbagging on the rating. Just too many comments about how powerful this thing is.