To me, the term munchkin implies power that is not earned. I have seen characters who did not earn their power who were only 10th level (with weapons which were weaker versions of stuff from 1st Edition Deities and Demigods) to people who had weapons out of the cartoon show Thundarr the Barbarian (and took the sunsword directly from the sun.) It was not the power that offended me, but the fact that it seemed to be just given away.
I fear that Darkness is correct that the word munchkin will be used repeatedly. To me, the key thing about gaming is the issue of fun.
Personally, I prefer to have power to be hard won, much like myth, legend, and good literature. However, I think it is kind of silly for people to set themselves up as an authority on gaming.
Indeed, gamers attacking other gamers seems pretty silly to me.
We tend to be viewed poorly by the mass media, and have ridiculous stereotypes foisted on us in entertainment.
Getting back to the issue of epic level characters, I think a DM has to chose the feel of an epic level campaign. If you want heroic fantasy with a mythic feel you will probably use the rules differently than someone recreating an anime setting.
Also, remember a DM can always say NO.
Upper Krust, I believe in giving people the benefit of the doubt. If I want something for myself, I would be hypocritical in not giving it to others.