In the context of programming language discussion/comparison, what does the term \"power\" mean?
Does it have a well defined meaning? Even a poorly defined meaning?
Powerful means "high in power". "Power" is something that increases your ability to do things. "Things" vary in shape, size and other things. Loosely speaking therefore, "powerful" when applied to a programming language means that it helps you to do perform your tasks quickly and efficiently.
This makes "powerful" somewhat well defined but not constant across domains. A language powerful in one domain might be crippling in another eg. C is very powerful if you want to do systems level programming since it gives you direct access to the machine and hardware and structures that let you code much faster than you would in assembly. C compilers also produce tight code that runs fast. However, once you move to web applications, C can become very "unpowerful" and crippling since it's so much effort to get something up and running and you have to worry about a lot of extraneous details like memory etc.
Sometimes, languages are "powerful" in multiple domains. This gives them a general "powerful" tag (or badge since were are on SO here). PG's claim is that with LISP, this is the case. That might be true or might not be.
At the end of the day, "powerful" is a loaded word so you should evaluate who is saying it, why he's saying it and what it means to to your work.