The net power flux in the line gets smaller as the reflected wave gets
stronger while maintaining a constant electric field (constant voltage
as in Roy's example). If you can match to the new impedance at the
line input; that is, make the electric fields both stronger, you can
get a larger net power flux even in the presence of some elevated SWR.

See LaTeX formatted math at
http://en.wikipedia.org/wiki/Useran_Zimmerman/Sandbox

The flux of stored power in the line, interestingly enough, is a
sinusoidal function of position.

I'm still thinking what to make of it, but I thought I'd post the math
for people to look at (and check, please!!!!)

... I'll be back later.

73,
Dan