"Horsepower" and "watts" are both measures of "power." "Power" is the rate at which energy is converted from one form to another. Electric motors will be anywhere from 20% efficient to 60% efficient, so 746 watts of electricity might get converted to a fifth hp or more than a half hp. (746 watts = 1 hp). Any electrical energy which does not get converted into mechanical energy gets converted into waste heat, waste noise, waste electromagnetism, and such.
The chart from Richter and Schwan's book is a good rule of thumb. Power (in watts) is equal to voltage (in volts) multiplied by current (in amperes). 230 V is not actually "more efficient" than 115 V, but it does let us use smaller wires because we use half the current for the same power. Smaler wires means less weight and less cost.
And just to remind us how complicated life can get, any electric motor will draw more current when it bogs down. The "stall current" is the high current drawn by the motor when the shaft is unable to turn - this is used to calculate the artificially inflated "max hp" rating.
-Lee Cordochorea, IBEW Local 48