Yes M&M does this, you buy up your ability scores, AC, attack bonus,, skills, special attacks and save bonuses*.
all capped by the power level of the game. You use XP to raise these numbers in the same way.
It is the GM's call to raise
power level [which
is recomended every so often] so if you 'max out' at character creation, then you
have to use XP to
round out your abilities, feats, etc, rather than
"Pump Up the Damage, Pump Up the damage!"
** BUT it also ditches HP for a 4th save, a toughness save, where instead of HP sucking up each succesfull hit, your toughness might negate the damage. Failing the save results in reduced chances to save vs further damage if you only fail by a little, being dazed for a round and then having -2 on all your rolls if failed by a larger amount, going up to being knocked out if you fail the roll by 20 or so [base rules are for gold to bronze era super heroes who are knocked out rather than killed.] blue rose has the same HP system, but with lethal damge and non lethal damage tracks.
It is a softened up
WoD Spiral of Death for D20
Check green ronin's preview PDFs of M&M and Blue rose to see the systems in more detail
3. POWER LEVEL
Your GM sets the starting power level for the series. Generally this is 10th
level, but it may range anywhere from around 5th level to 20th level or
more. All characters begin play at the same power level, which determines
their starting power points and where you can spend them. See Power
Level later in this chapter for details.
4. BASIC ABILITIES
Choose the ability scores you want your character to have and pay 1 power
point for each ability score point over 10. Choose the attack bonus and
defense bonus for your character, paying 2 power points per +1 to attack
or defense bonus. Choose the saving throw bonuses for your character,
paying 1 power point per +1 save bonus. Keep in mind these bonuses are
limited by power level. See Chapter 2: Basic Abilities, for details on
these abilities and Power Level later in this chapter for more on power
level limits.
5. SKILLS
Choose the skill ranks you want your character to have and pay 1 power
point per 4 skill ranks. Keep in mind your character can’t have a rank in
any skill greater than the campaign’s power level +5. See Chapter 3:
Skills, for details.
6. FEATS
Choose the feats you want your character to have and pay 1 power point
per feat or rank in a feat. See Chapter 4: Feats, for details.
7. POWERS
Choose the powers you want your character to have and pay the power’s
base cost, multiplied by the number of ranks. Power modifiers increase
or reduce a power’s capabilities and cost. See Chapter 5: Powers, for
details.
8. COMPLICATIONS & DRAWBACKS
Choose the complications you want your character to have. Choose the
drawbacks you want your character to have (if any) and add their value
to the power points you have to spend. Keep in mind you’re generally
limited to no more points in drawbacks than the campaign’s power level.
See Chapter 6, for more detail on complications, drawbacks and their
effects.
9. CHECK YOUR MATH
Go back through and add up the cost of your hero’s ability scores, attack
bonus, defense bonus, saving throw bonuses, skills, feats, and powers, and
subtract the value of your hero’s drawbacks. You should end up with a
figure equal to the starting power points shown on the Starting Power
Points Table on page 24. If not, double-check your math and either
remove or add traits to your character to reach the starting power point
total.
A post for the systems workings
http://www.enworld.org/showthread.php?t=154558