I have mentioned, in passing, my continuing search for a superhero rpg system. Having heard good things about M&M (heh), I put it on my wish list and ended up getting it for Xmas. It wasn't until last week that I actually cracked the thing open and did more than skim.
My initial impressions are mixed. I burned out hard on 3.5/d20, though M&M has done some different things. There are no classes or levels, which is good, because I think that classed/leveled supers games don't work. The point buy system actually reminds me a lot of Champions, though it manages to retain a lot of the flexibility, M&M dumps a lot of the crunch of Champs. I also like the lack of a hit point system.
In short order, I cranked out an M&M conversion of my old Champions character from high school.
I'm not sure if I'd ever run this, but I can already tell that I would enjoy it a lot more than Champions. This is also a d20 game that I would actually play without reservation, and without having to look up an "effective" build on the internet. (Since it appears that the only way to have any fun playing 3.5 is to have a pimpin' build)