The math in FHG was double-checked by some dozen playtesters, possibly even more. Since I only had time to send emails to Steve for Alchemy through Divination I cannot speak for the whole book, but I know there were several different people doing them. So I would say that the thousands of spells are at least 99% correct (there are no absolutes in HERO).
Monolith, the Living Titan
"The HERO System is not designed to represent real life. The game is designed to represent heroic fiction as presented in comics, novels, television, and movies."
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