Peter with powers. It's been reset, it seems...which is good. He'll quickly regain his status as "the guy who can try to fight Syler," I expect...but someone has to be that guy. At least he won't be getting invisibility or time travel again. No Elle-Lightning either. Might work out. [/sblock]
Not really...for the very reason you state. Peter is the counter to Sylar, the one Hero strong enough to fight Sylar on his own terms (Hiro aside, perhaps).
And just as that result will mandate some confrontation between the two, the moment Peter comes into contact with Sylar, he will absorb Sylar's powers. Most of those powers he does not know about and so cannot easily access them...
But a few of them he does know about and will be able to access instinctively. Telekinesis, Lightning, and Superhealing at a minimum, will return to Peter's instant power repertoire.
(My guess is that they will conveniently forget that Peter knows "how to fix a watch", too. They won't reactivate the hunger in Peter Petrelli.)
That's the nature of Peter Petrelli. He's just monstrously powerful if you let him get out of control. The show has constrained those powers by:
1 - making him emo stupid, rather than intellectually clever;
2- hobbbles him by making it difficlt for him to access the powers he has abosorbed that require some sort of focus to open up the acquired power to ordinary use;
3- Seems to prevent him from using most of his acquired powers well, or at the least, multiple powers at the same time (there are exceptions to this, clearly); and
4- Places moral constraints upon the exercise of his powers
All of this works together to achieve the same result: prevent Peter;s power from breaking the show.
I think the one power they have realized is becoming increasingly difficult to deal with in terms of plot pacing and writing is time travel. That's a power and plot element they want to de-emphasize (for a while, at least).