Yes. I considered Power Profiles a functional replacement for it. In the few cases something didn't port over, it was usually something that had been a bad idea before, at least as expressed.
To be fair, I'll admit I never went through 3e with quite the degree of depth I did 2e (because I only GMed something using it for a short period), but the campaign I played in was primarily occupied by ex-Hero players and others who would have been pretty vocal if they struggled getting the result they wanted.
(Mind you, I ended up by the end of that campaign deciding M&M wasn't an adequate system for me, but most of that had been a very long time coming and had to do with some things I thought were intended to be meaningful decisions in combat that I concluded were illusory after years of play and GMing, and the only thing that made that worse in 3e was the loose and easy handling of GM fiat).