I've been playing with the same group for almost 20 years now. We have used many different variations in terms of power levels. My personal favorite is the 250 range. You are able to start with a concept and develop it over time as oppossed to having many more powers with a 350 or 375 point character.
The point totals, however, should not really be a problem IF character concepts remain true. We have had any number of "Jack of all Trades" characters which have never had a central focus or theme. That is where the problem with higher point value beginning characters comes into play.
Why would a ninja have a blaster? "Because I had points to burn", should never be the answer. Points should be spent on fleshing out your character concept as best you can while staying true to the intent of the concept.
My two cents...