As a GM, I vary with the group.
The group I'm running in my superhero soap opera is, well, soap operatic

. Crushes, full-blown romances, seductions, affairs, vengeful ex-lovers, stealing cells for clones, abuses of shapeshifting powers, interdimensional getaway vacations, marriages, inheriting an african throne (and shuttling in a lover as "state telepath"), founding mutant dynasties... Every one of these has happened, and that's just off the top of my head. We use a 'fade to black' for anything uncomfortable ('PG-13 action', for example) - it's important to the relationship that two people had sex, of course, but it's not important what the sex looked like or who did precisely what to whom.
On the other hand, I've also run campaigns where all of the above was boiled down to "all right, after defeating the lich-king, the heroes party for a week in Ganfest, getting into a bit of trouble, but nothing major... nonetheless, you are currently on a stage coach out of the city, heading toward Flan, and shouldn't return for at least a few years. You've heard Flan needs some heroes, and is less picky about who a merchant's daughter sleeps with."