I've never played, but it's my understanding that HERO breaks in a couple basic spots:
1) Drawbacks. Unlike M&M, HERO's only limits are the points you have to spend. With enough drawbacks, you can build insanley powerful characters at any 'power level'.
2) Super-Speed. Like many other systems, being fast is a God-trait. It's possible to have literally dozens of actions in a round, allowing a single character to do almost anything.
3) Old Familiar Places. The places M&M breaks (fully incorporeal, total invisbility, psychic blasts from hidden bunkers, etc) are places that HERO breaks.
Good luck and I hope this was what you were actually asking for.
Just to address your issues:
1.) Everybody has the same number of disad points though people don't *have* to use them.
2.) Speed is also the most expensive trait. You're not going to be doing dozens of actions as it's been pointed out that there are only 12 possible segments. Generally a speedster is going to get 7-8 actions to someone elses 5-6.
3.) Mental attacks are pretty pricey and don't do killing damage (unless you spend a ton of points). Attacks that effect corporeal beings while a player are incorporeal are really (really) expensive.
So in regards to items 2 and 3 because of the set number of points PCs are working with you'd end up as a one trick pony with tons of underdeveloped abilities. That's probably a better realm for an NPC or a villain built on an unlimited point budget.