I've been running an irregular Northeast Florida Avengers game with my Thursday night gaming group. We use the Marvel Super Heroes rpg rules. I have the basic and advanced boxed sets, we mostly use the basic set for character creation. Its fun and incredibly silly.
I came across the free RPG homage/rip-off FASERIP, and it has a cool character creation system and updated power list. If I wanted to run a different iteration of this game I would probably opt for it. FASERIP changes a lot of terms, I guess for copyright reasons, but I like the original rank names because 1) I have them memorized, and 2) I have enough charts to roll on from all the other rulebooks. Here's my streamlined character creation guidelines:
All abilities start at Excellent (20) rank. Roll three times on the Random Ability Score table and boost each ability by +1. Roll three more times and lower each ability by -1. These can stack or cancel each other out.
You have 8 points to spend on powers. Roll eight times on the Power Acquisition Table and the related Random Power Tables to determine eight powers. You probably won't keep all 8 powers, but you can if you like. All powers start at Good (10) rank, and cannot be advanced to more than Amazing (50) at character creation. You can increase or modify powers in a few ways:
You can drop a power to increase any ability or power rank by +1. If you do this more than once for the same ability or power the cost goes up exponentially (two powers for the second +1, three powers for the third +1).
You can drop a power to increase a power with the same category by +1. Categores are Mental Powers, Attack Powers, etc.
You can use a "+1" to instead get a flexibility or alternate power listed under your power.
You can take a limitation listed under your power to get a +1 on that power.
You can drop a power to get two bonuses from this list: +1 Resources, +1 Popularity, or a random Talent. Resources and Popularity initially start at Typical (6).