HA! Countzero, that very episode of Mythbusters was what got me really thinking about this! small world, eh?
But I agree- "knock down power," as demonstrated in the video, is a huge misnomer. Stopping power, I'm not all that sold on either. As stated earlier, I'd much rather get hit by a small caliber bullet than a large one, but I don't want to get shot period. Sure, It would take more .22 than .45 rounds to incapacitate someone, assuming shots to the center of mass, but getting shot is still painful and traumatic. My brother as a teenager was camping with some friends and one idiot friend shot another dude in the foot with a .22 and the trauma and shock that ensued was pretty intense. Normal, rational people don't want to be shot. Period.
However, I want fire as few shots as possible to stop an assailant. That's one reason I bought a .40 rather than something smaller. Not to say that a smaller caliber wouldn't do the job, and that my .40 or any other caliber is by no means a guarantee. Just because you have a big gun doesn't mean you can hit with it.
I guess at the end of the day what I'm trying to get at is that one caliber isn't the be all, end all. Stopping power isn't an absolute, quantifiable term.