Just to give you a sneak peak at what we're doing, here's a summary of the developments of the Odyssey System:
ABILITIES
•  Abilities are rated in bonuses only (+1, +2, etc.), rather than numeric scale.
•  New Ability added:  Perception
•  All Saving Throws are simple ability checks, plus half the character level. (Reflex = DEX, Willpower = WIS, etc.)  It is possible to have a "Save" based on any ability.
CLASSES:
•  No Character Classes: Everybody is a single "class" -- Occupations give you your basic areas of expertise, and all of the old class abilities are found in Edges (q.v.) which allow players to mix-and-match to their heart's content. 
SKILLS
•  Eliminated entirely -- Everything handled via Ability checks, plus half-level bonus for normal use, full-level bonus for occupational areas of expertise, and/or bonuses from Edges.  (For example: a hero could use DEX to drive, but would only get a regular DEX check + 1/2 their level.  A hero with a "Formula One Driver" occupation would get a DEX check + their full level, and a hero with a "Born Behind The Wheel" Edge would get additional bonuses.)
EDGES
•  Both Feats and class Talents have been eliminated (kinda-sorta) -- replaced with Edges, which combine their functions.  Edges are nifties -- stuff you can do.  An Odyssey PC gets 2 Edges per level.   Some Edges have pre-reqs, some don't.  Players create custom characters through their choice of Edges.
COMBAT & ACTION
•  No Hit Points -- Toughness Save (CON) (similar to M&M from Green Ronin), but with results tracked on a Condition Chart.
•  Initiative -- Ability check, using average of DEX & PER
•  Attack:  DEX or STR + character level + Edge bonuses
•  Defense: STR (blocking in melee) or  DEX (avoidance in melee or ranged)  + character level + Edge bonuses.
•  Chase Rules based on HOT PURSUIT (
check it out for a preview)
•  Stunt Point system from MARS. (In short, a roll of 20 gives you a Stunt Point, which is set aside, to be spent later for automatic successes, to gain the use of an Edge you don't have, to bring about a fortunate circumstance, to negate a hit against you, to instantly kill a minor NPC, etc.)
SFX SYSTEMS
•  Spells, Psionics, etc.  -- Adapted from the SRD or other Open versions, to show how easy the conversion is.  Full conversion examples provided in detail.
NPCS
•  Using 
FOE FACTORY style NPC Creation
There's more, of course, but that's a peek at what we're up to.