For your I'll post some on your powers later tonight. What you should know is that the system uses a modified/streamlined version of 3.x e, so things are pretty much the same. However, it should be noted that grappling has been changed so its less of a headache.
I'm calling it a stillborn. However, since i'm rapidly approaching the end of a week long effort at converting template and archetypes to M&M 3e, I wouldn't be surprised if you see a recruitment thread for something dealing with "Magic" or something that is a little "Gaimanesque" popping up in the next few weeks.
I'm still thinking of the particulars, though. So far certain elements keep coming to mind:
1. Victorian Elves* (or are they the Sidhe?)
2. Rural/backwater/small towns.
3. "The gods are returning.." (Mythosian? Mythological? Tulpas given divine power (ala American Dreams?) ?
4. Magic / Mystic / Supernatural /Divine / Occult powers
* This doesn't mean the game will be Victorian era. I'm actually thinking 1930s or Modern age. However the fairy court will be Victorian.