Since 42 was talking about doing a M&M game, I was checking out their website for ideas of what kind of superheroes to make and noticed they are coming out with a 2nd edition like next month. So maybe you will want to check that out.
Here are some of the changes I noticed. Power level and how many creation points you have are not related. So before a 210 point guy would be power level 14, well now you could have 210 points but only power level 8, or 150 points but power level 14. Lower power level but more points means you have PCs with wider range of stuff, etc.
No more super attributes, you just buy attributes like before and they can go over 20... usually limited to power level +5 on the abilitly bonus, ie Strength 30 limited to PL 5 or higher games, Strength 50 to PL 15 or higher games, etc.
Skills now cost 4 ranks per point, so having skills should be more common. Ranks are limited to PL +5, and lots of skills were combined, like Hide and Move Silently are combined into one skill Stealth.
Damage save was renamed Toughness save, Evasion feat renamed Defensive Roll, etc. And some feats you can buy multiple times to get more 'ranks', like the Minion feat you take multiple times depending on how powerful of minion(s) you want.
Strength is not added to Attack and Dexterity is not added to Defense.
You can no longer take another power as an extra of some other power, they are simply taken seperately.
Plus some other stuff that would probably make more sense if I knew the rules very well.