I think its one of the better superhero adaptations of FATE. It is focused on the official Wearing the Cape post-event world of the wearing the cape novels, but the author deliberately obscures details so even a GM wanting to fully novel-canon compliant world still has room to customize for his own game. Being canon-compliant is of course optional, but the system is optimized for the post-event world. But a FATE veteran who gets a grasp on making new power classes (WtC RPG add-on - make the high concept into a loose-detail character class) could get this to be as flexible as Mutants and Masterminds, but without its character-creation phase crunch (M&M does well in keeping actual gameplay low in crunch, except for invention. FATE & crunch are mortal enemies).
[4 of 5 Stars!]