Hmmmm, just finished reading 2nd ed last night and I have a few comments.
1. I miss the old art, some of the new art is very weak and none of the new pieces made me go "Wow, gosh". I suppose its just a personal preference but there you go.
2. I like the way the new system handles magic, much better and more balanced. I found the last edition just a little out of whack.
3. Nice job on the gagets rules, so simple and clear even a guy who hates gagets (me) read them though instead of skiping them.
4. As was pointed out the highlighting of the power names is a nice touch, not too hot on some of the background colours used thoughout the book though. The orange in the powers section hurt my eyes
5. Will someone tell the creators of points-based rpgs you shouldn't have to pay points for something you can buy in a shop? Just my personal preference but if I am joe millionaire I shouldn't have to pay equipment points for a flashlight...thats what i bought the wealth for. This is just a pet peave of mine and as games go M&M 2nd ed. did an ok job with its cheap equipment points solution.
Overall a good book, just slightly let down by its mediocre art.