Archie Sonic is actually a pretty great comic, and has been so for ten plus years. That's why it still exists. The only reason it's not a top ten book is because it's Archie. and Sonic.
I agree that power doesn't matter as long as there's a good story. What I'm pointing out is that a good story means: unbeatable circumstances. All Star Superman would have been stupid if he wasn't dying. Dying is what made him being OP irrelevant, its what made the story good, and what got its awards. He gave the hero an unbeatable challenge. All successful writers do this. In the best sales records Superman, he was constantly dealing with one color of Kryptonite or other, or in the best ones, some moral debacle his powers couldn't solve. Unbeatable circumstances. Mr. Majestic couldn't last because you can only come up with so man unbeatable circumstances or such an OP character. Contrast with someone like, I dunno, Batgirl, whom anything from an exploding planet to a thug with a bazooka can be unbeatable that not only means more diverse stories, but it also means anyone can write a good story, and not just top tier writers who are brilliant enough to come up with 'Silver age Superman is terminally ill' like Morrison did. Mr. Majestic could have gone on indefinitely, like Superman clone Invincible (2002-present), but he's too powerful, and the author wasn't clever enough to keep him interesting for very long. It doesn't matter how powerful you are compared to anyone else, if you're more powerful than anything in your story, you're a stupid character.
We kinda addressed that in the topic.