I think you need to define what you mean by 'audio features'. There are many different types of feature depending on what you are trying to achieve (eg see some of the ones featured in these papers).
When you talk about 'most powerful frequency' I assume that you are wanting to do some form of pitch detection? If that is the case then the peak of the PSD will indeed give the most dominant frequency, however that isn't necessarily the pitch that you hear. For instance an instrument may be playing a note at 200Hz which will have spectral peaks at 200, 400, 600, 800, etc, and it's not necessarily the case that 200Hz will be the highest amplitude. In fact, you could apply a low-pass filter to remove the 200Hz component and you would still perceive that to be the pitch (you hear this effect if you hear music over the phone - it's called Virtual Pitch).
If you want to detect pitch then I would suggest reading up on Pitch Estimation algorithms.
EDIT:
There's quite a few papers out there with research on audio classification, so have a search for work by Eric Scheirer, George Tzanetakis and Martin McKinney among others. I'd also sign up to the MIR mailing list as there's lots of the core people in this area on that list and the archives have got lots of useful stuff. As for your question about 'most powerful frequency', I don't quite understand what you mean by it. When listening to music with more than one instrument playing then in general there is no one dominant frequency. There is often a perceptible melody which by virtue of the mix is often prominent, but I'm not sure if that's what you mean.