I think Steve has said the PL limits definitely apply to traits affected by permanent Shrinking or Growth (or Density). IMO, it's also wise to apply the PL limits to non-permanent versions of those powers, though it can be tricky to do, and I'm willing to let a point or so slide. But definitely beware of Blast 10, ranged attack +10, Shrinking 12/16/20 guy -- that +4/+8/+12 size bonus to attack & defense can be ugly.
Also, the way PL works is that, through trade-offs, attack+damage can't be more than 2xPL. However, for a perception range attack (or an area attack), there is no attack score, thus there can be no trade-off. Therefore, your theoretical attack +15 guy's +15 attack is irrelevant; he's limited to strict PL, which means he can go up to +10 with the perception range power. Yes, this can be abused; perception range powers are by themselves quite powerful, and, IMO, a little shaky. But the GM can say, "hmm, no, please don't do that" when it's a problem; and for some characters, it may be perfectly fine.
Oh, BTW, the advantages that +15 attack guy has are that he can critically hit with his blast, and he can use all those shift attack bonus feats with it (i.e., Power Attack, Power Attack + All Out Attack, Defensive Attack, Defensive Attack + Accurate Attack); the guy with the perception range power can't do any of that, since there is no attack roll.