Basically, Deeds takes about as long to create a PC as 3e does, with the only reall addition, the powers. If you know what you want, not a problem, and believe me, the system can do just about any type of super. You can join the Yahoo group here (
http://groups.yahoo.com/group/deedsnotwordsd20/ ) if you want to take a peek at some fan made stuff, stats for a few of Comic characters and a few notes on the 1.1 revision (which will be out any time, and as I said is free if you go ahead and buy a copy now)
More details (some terminolgy is bound to be a little off, as I have been waiting for 1.1 to run a game, and its been awhile since I read it):
Chose an Origin (comparable to race: mutant, alien, altered human, supernatural, etc...)
Chose a Class, such as Vigilante and Super Slueth, I think there is arounf 10-12 of them that covers most supers archetypes
Pick powers, which is what IMHO makes this game. The system is thus:
Everyone but humans (i.e. normal humans, with which you would make your GreenArrow/Batman types) may choose powers. Each power that you choose gives what is called an Experience Tithe. This is determined by how many powers you choose to take. The Tithe is basically an amount of experience points. All gained xps must be split 50/50, half to gain levels, half to pay off the Tithe. When the Tithe is paid off, all xps go to levelling up.
What this system does is allow 1st level PCs start with whatever they want in powers, but at the cost of slow advancement, whereas a pc with no Tithe (i.e. no powers) will gain levels faster in order to balance them (within a few levels) with those with powers.
Scott Lynch (creator of DNWs) has said that he is slightly re-working the system now that Ihas had more playtesting with the public to balance it a little more, but the idea stays.
As a side note, as an option, Normal Humans (back to GA/Bats) may choose extra feats for a Tithe cost that is a little less than the powers cost.
All in all, I think it is a remarkable system. I bought DNWs core and the Laying the Smackdown sourcebook (more combat options, martial arts traditions, a super-powered wrestling federation and tons of npcs of all types) and love every bit of it.
I hope this helps!