He is level 33, and yes, that means he wields as much power as some gods. Still, as I understand it, even though worshipped, he is not a god in 4e. He would like to though.
Raven Queen is a 4e thing, and in short:
OK so with a 2 level adjustment he should hold the same power range as Tiamat....
He was viewed as a god for all intents in the past, so this new Raven Queen thing just means someone new added in the place he was viewed to hold prior....

So 4th removed his ambiguity of power and rank.
That just means then there is only one deity with stats pretty much and even harder to decide how to make other deities and more reason like mentioned by another to stat the gods for the PHB deities, so that Orcus could have the PCs fight the Raven Queen, or use them to fight someone else to distract her, or any other number of reasons he or another higher power being could have the PCs go after a god.
And since he is aiming for ALL the gods, then he could coerce the PCs into aiming for any of them as with a demigod PC may just want to side with him or dethrone a god of their own to round out the characters "life" in the game.
![Devious :] :]](http://www.enworld.org/forum/images/smilies/devious.png)
Thanks for that bit. Though I would have rather had the Bitch Queen over the Raven Queen.