Flicking through the quickstart on this, as I'm getting to the last half day or so of the kickstarter and I'll have to decide whether or not to back.
It's 3e M&M, but definitely gets a bit of a 5e blood transfusion. Advantage/disadvantage (ahem, I mean bonus/penalty dice) are in, Reactions are in. Presence attacks, straight from old school Champions, are in, and a large number of other combat options generally locked behind feats. There's a bit of an expansion on lethal/non-lethal damage systems. I wish they'd shown us more of the power templates - stuff like the ambiguity of Affliction, the underpoweredness of Shrinking, and the inflexibility of Weaken was a serious, serious drag on building 3e PCs, and the lack of things like 2es Independent power modifier made a bunch of concepts just not workable.
Still on the fence about the rulebook. I'll buy the worldbook, but if they'd committed hard to actually doing a re-write of some of the problematic powers the rulebook would be an auto-buy for me.