NASA has been investigating electrified aircraft propulsion as a means of furthering its goals of reducing fuel burn, emissions, and noise. However, the electric drive components required introduce weight and efficiency penalties at odds with these goals. The purpose of this paper is to propose electric drive specific power, electric drive efficiency, and electric propulsion fraction as the key performance parameters for fully turboelectric, partially turboelectric, and parallel hybrid electric aircraft power systems. The impact of these parameters on overall aircraft performance are investigated. Range equations for each aircraft type are described. The benefits and costs that may result from the electrified propulsion systems are enumerated. A breakeven analysis is conducted to find the minimum allowable electric drive specific power and efficiency, for a given electrical propulsion fraction and battery specific energy, that can preserve the range, payload weight, input energy, and ratio of operating empty weight to initial weight of the conventional aircraft.