Given two black holes of masses m1 and m2, we can use the fact that the total area of the event horizon always increases to provide a strict upper limit as to the amount of energy that can be radiated.
The area of the event horizon is proportional to the square of the mass, therefore m3, the mass of the black hole formed by the merger is greater than or equal to \sqrt{m1^2 + m2^2}.
(This is an approximation that ignores rotational stored energy).
The maximum amount of energy avaliable for radiation is thus the difference between the sum of the masses of the initial black holes minus the mass of the final blackk hole. This is
m1 + m2 - \sqrt{m1^2 + m2^2}
For example, if two solar mass black holes merged, .59 solar masses could be released in the form of energy. This is a lot of energy, and it would be released very quickly, so it would definitely be a spetacular event.
Much of the released energy would probably be in the form of gravitational waves, though I'm sure there would be other emissions as well.
People are trying to do numerical simulations of the highly complicated details, for instanace see the news reports such as
http://news.bbc.co.uk/2/hi/science/nature/4923396.stm