I'll second that. You can easily build both Batman, Superman, and everything in between. It suffers at the low end of the power spectrum, but those folks are NPCs in most mainstream Supers, so it really isn't much of an issue.
I have MM, and looked really seriously at MM2. Neither are as simple as the MEGS/BoH system. Nor as complete, IMO.
Both MM1 and MM2 have very real problems duplicating skill-heavy heroes like Batman or Mr. Terrific. In MM1, it was essentially impossible. In MM2, it's possible, but you probably won't get close to what you want.
In MM1, a character with a high number of powers would usally crash right into the power level limit extremely quickly. In MM2, they fixed that problem, but under the assumption that someone with a high number of equal-PL powers is balanced with/against someone with only one (at the same PL).
Also, because it retains the d20 skill system, there's no good mechanic to replicate a PRE (HERO) or INFL (BoH) attack. Batman can't instantly terrify the mugger into squealing the lead, but has to either a) talk to him for a minute, or b) enter *melee* combat.
On top of all that, the system isn't that much simpler than HERO - the math involved is much simpler, but the overall system is just about as complex. MM isn't quite as abusable during character creation as HERO, which is a good selling point. (Though not enough of one IMO.)
I understand why people are excited about MM - MEGS/BoH is out-of-print and HERO is not exactly simple. But MEGS/BoH is worth hunting down.