Well, I will need to continue to hand-wave to some extent, but I'll try to provide a more concrete example.
It won't match the OP, but should suffice to give an idea.
Hubbel makes Metal Halide ballasts with the IntelliVolt feature. The ballasts are rated to operate over a nominal voltage range of 208-277V, with tolerance beyond the nominal range. In their operating range, the ballasts maintain a power factor of at least 90% with constant input power.
A lighting system built using such ballasts, with 277V at the supply end, could tolerate voltage drop down to 208V with _normal_ light output.
I would call full nominal light output 'adequate' performance.
I would call a 25% voltage drop horrible. I've not decided on the proper threshold that separates acceptable versus tolerable versus horrible voltage drop.
Given constant power, a 25% voltage drop to a constant power load corresponds to an increase of 33% in current drawn from the supply. The significance of this would depend upon the size of the supply and who pays the bills
-Jon