Transformers for low voltage lighting approximate constant voltage sources. Lamps for conventional low voltage lighting expect a voltage regulated supply. Operating 100W of such lighting with such a transformer rated for a maximum of 300W is just fine. You can add more lights in parallel and increase the load if desired.
But this is _not_ a general case; this is a _nearly_ universal specific case.
For example, certain types of lighting don't work with voltage regulated supplies, but rather work with _current_ regulated supplies. Arc lights are one example; more relevant today are LED lighting systems. If you have an electronic power supply designed to supply regulated current to LEDs, with a rated output of 700mA, and you connect a 100mA LED to it, then the LED will fail, and quite quickly. Such power supplies can be made using current regulating transformer designs, rather than switching designs. I bet some ballast transformers act in this fashion.
In designing LED lighting circuits, one of the approaches that I've considered is an electronic power supply designed to regulate the output _power_, by charging an inductor up to a specified current level, and then discharging that inductor completely at a fixed frequency. Such a power supply would deliver voltage and current that changed with the load characteristics...but would always deliver the same amount of power. Design such to deliver 300W, but connect a load rated to 100W to it, and the load will fail quickly.
-Jon