I agree that pre-5th edition EC's were simply a cheap excuse to save points. However, this new rule greatly limits the effectiveness of EC's.
A character who buys flight, EB, and force field straight may pay 120 pts if they are all 40 pt powers. The EC dude pays 80 pts for the same powers. However, a 20 pt EB drain on the first guy would still leave him with 4d6 EB, 20" flight, and 20 pd 20 ed FF. The same 20 pt EB drain on the second guy would leave him with no EB, no Flight, and a 5 pd 5 ed force field. This is devastating.
Of course the real limiting factor is how common adjustment powers are in the campaign. It's up to the GM to make sure that there is enough downside to the EC to make it balanced with the normal guy. Also, the GM shouldn't allow EC dudes to buy lots of power defense to get around the limitation.