I am very impressed with this game. Layout wise it is gorgeous, and it looks perfect on my iPad 1 in both GoodReader and iBooks. Layout on the character sheet was excellent as well as we realized they were laid out to support the flow of play.
The content is excellent, but I will admit having to make a couple of passes through the book to fully grasp it. A full example of play would be nice. The system is innovative, and when played really supports the feel of a comic book.
Finally I want to point out the milestone XP system. This system is brilliant and is an design pattern I think a lot of the industry will start looking at.
The module in the book is short, fun, and has all the default marvel troupes (team up, super villains, redemption, etc).
Character creation makes sense when you realize it is more of an art than a science, and that it is up to the players, the Watcher, and yourself to not be the person at the time who wants to hog the spotlight and say you are good at everything. With that though a set of guidelines such as 'cosmic characters typically have..., street level characters typically have' would be nice. I for one do not want to see a point buy system for this.
Summary: Great game well worth the money. Ran it recently and my players are begging to play again.
Pro: Innovative System, Easy to Play, Great Layout that works on iPad
Cons: Book makes system feel dense. An example of play would have helped dramatically. Some sort of basic guidelines for power levels for character creation would help.