indeed a PSU's peak efficiency is with typical loads (40-50% of its max rated capacity). However you should also take into account how long your system operates at full load.
It is absolutely true that power supplies are usually at their best efficiency around 50% of their maximum load, but that doesn't necessarily mean a smaller PSU is better.
All switching power supplies decrease their efficiencies as their load decreases, typically starting at or near 50% load and often rapidly decreasing efficiencies as their load falls below 20%.
For desktop systems, unless you run a distributed computation project in the background, 80-95% of the time the system is powered on, the system is idle or near-idle. In my limited testing a desktop system likely draws 50-100W at idle, so with a 1000W power supply it's operating at 5-10% load, and thus at its worst efficiencies.
With Haswell and newer consumer Intel's CPUs maxing out at 145W (I believe) at stock frequencies, and most video cards needing under 200-250 W maximum (980Ti 250W), a system with a single GPU rarely needs more then 600W.
Specifying the PS for 50% load (for maximum efficiency) to match the maximum load the system is actually capable of drawing is a poor efficiency trade-off, as the system will spend the majority of time time at under 20% utilization, at its worst efficiency, that the few percentage points of increased efficiency (at 50% load versus moderately higher loads) will result in a net lost.
Edited: Clarify first paragraph