Mutants & Masterminds is a roleplaying game based on the d20 SRD. It is published by Green Ronin Publishing. The character creation process is point-buy with power-level limitation set by the GM. The PL varies from 1 (regular guy) to 20 (über cosmic entity). 3rd edition is closely associated with the DC universe and proposes books for this specific setting.
Players buy powers, skills, ability score, attack bonus, feats and saving throws from the budget of power points determined by the PL (15 per level). Unless players set themselves drawbacks or flaws, powers can be used at will and vary greatly in cost.
The game uses a currency of Hero point that allows the character to overcome great challenges and extend effects of a power for a scene. A player gains a Hero point per game session plus any additional a GM may want to give for good roleplay or in exchange of cheating against the players.
An SRD of the 3rd edition is available