Gidon,
That is actually the MINIMUM figure. If you were switching a purely resistive load e.g. a big halogen lamp, then you could equate the power rating of the switch with that of the lamp. The current drawn by the lamp is the limiting factor here, as the switch must pass that current.
Now once you get indictive, the current increases for a given power, on account of it being out of phase with the voltage driving it. Thats why, the electricity companies get all shirty when customers go too inductive - they charge for power, but have to pass huge currents.
If you have switch rated at 2400 Watts load or 10A, then that only holds for a resistive load. Once you start hanging motors off it, then the 10A doesn't get you as much real power in the load, so 10A becomes 2000 Watts or 1500 Watts - thats where the power factor.
I hope that helps get the relevent bits of the theory across. You'll often get away with overloading devices, even for years. But then sometimes you won't, and that's when the magic smoke starts leaking out :wink:
Martyn