Capes might fit your criteria. It's GM-less, very drama-oriented--some might call it "narrativist"--and the overriding Story point/drives mechanism trumps hero power levels, so you can have multiple levels of power interacting together. You create a character with three columns of traits: Powers, Personality, and I forget what the third is called, but for lack of a better Term I'll call it Idiom. Powers and Personality traits are what you might imagine; Idiom is things like "Casually overpower mortals", "You know you want to", and (my favorite) "Massive Property Damage".
You can not only play heroes and villains, but you can play objects, locations, and moods/situations as well. It's hard to describe how it works without going into detail, but the details of Scene resolution can be found in the sample rules. Needless to say, the "rule of cool" is what it's all about here.
To elaborate on my previous answer, re: Capes (there're test-drive rules in the link I mentioned before, but here's a quick-and-dirty version):
The long-term resource you're managing are your Story points and your Drives ("Honor","Justice","Love", etc.). You incur debt on your drives by using powers, and can gain Story points even if you lose a conflict.
The basic mechanical idea is that Conflicts are stated, claimed, and resolved. Stating a conflict means literally writing it down and selecting a "pro" and "con" side, and placing respective d6s on each side, both set at 1. You have powers ranked from 1 to 5 (potentially), and you can use a power rated equal to or higher than a current die to re-roll it. You can also "split" dice, e.g., taking a 4 and substituting it for 2 twos, to increase your total, although there are rules governing and restricting this tactic. You then narrate how your power affects the situation, and players are given pretty wide leeway in this aspect. This is where the narrative and cinematic aspect comes in, in my estimation.
Each scene can have multiple conflicts, not only "stop the villain from harming innocents", but also things like "impress the skeptical boyfriend" or "demonstrate that I should be group leader". You can play virtually anything that influences the outcome of a scene, which includes heroes, villains, elderly relatives, even objects like ships or Doomsday devices. And you can switch characters between scenes (although there is no rule that says you have to, and you can declare a character to be yours exclusively, if you like).
Power level is determined by group consensus. The ratings of powers says nothing about their in-game metrics, only how much they can influence a conflict. In other words, you may have Flight of 1; you might be able to fly faster than light, but you won't be able to affect any dice higher than 1. This requires a little creative narration to determine, but in my (limited) experience, that's where half the fun is.
As a consequence, your character doesn't gain new powers or skills over time--it's all about managing Story points and Drive debt. But there's nothing that says you can't rework your character sheet from time to time, either.
Typically, one player for the session decides what it's going to be "about", and may have a few sketched-out ideas about locations and NPCs, but beyond that, narrative control is equally shared. (I'm not a big fan of that normally, but in this game, it works for me; possibly because, when I GM a more traditional game, I'm aiming to immerse my players in a world that I hope will dazzle and entertain them, and Capes, by default, is set in a super-powered version of our world.)
The one "take-away" about this game, in my opinion, is that it plays like a boardgame, but still spins stories like the best of traditional RPGs.