Use of RMS explained:
rms and peak
Pretty much unless you're reading an osciloscope or an engineer, every voltage, current, and power figure you'll deal with as far as AC goes will be the RMS value. When people talk about 110V or 220V lines in the home they never say RMS (though that is an RMS figure). I haven't seen a home appliance that needs to put RMS after the power consumption.
I probably did fvck up that formula, it was about 3:30am when I threw that out. I'll stand behind everything else there though.