I'd like to set up some sort of event, or possibly a tournament if enough people are interested, for relatively high-power characters. Since we are talking about higher powers, combat will tend to be more unrealistic than not. The limitations on these characters would be the typical ruleset of:

No regenerative powers
No mind/body control
Minimal teleportation capabilities (meaning, characters who can use a teleport move once or twice in a fight is ok, more than that tends to be abused severely)
No reality manipulation (This is a bit of a mixed bag. Basically anything that instantly and inexplicably changes the laws of nature or breaks them completely is out of the question, except magic: see below)

Magic, Science and Technology

The big issue about magic, science and technology is that people usually have their own definitions for each one. This creates some confusion in high-power fights as to how one interacts with the other, and how the nature of magic, science and technology affects their utilization and effectiveness. For instance, many people consider "magic" as it is portrayed in standard fantasy literature, a mysterious force that somehow has the power to enable its wielder to perform extraordinary acts. However, there are many types of "magic": in Dungeons and Dragons, magic comes primarily from the Gods; in Eragon, magic is a force that is woven into the fabric of reality; in Chinese teachings, magic essentially manifests as a form of control over one's "Chi" or internal energy. In a high-level fight, where details determine whether you win or lose, this creates a lasting problem, mainly considering how one defends against magic. Some people would say that magic is universal, therefore it can be countered with any type of magic, while others believe that particular kinds of magic can only interact within their sub-groups. It also raises the question of how science and technology perceives and interacts with magic and magical energies. To solve this problem, I would suggest creating a universal system that defines these three concepts and unifies them, so that everyone will be clear as to how they should react to each situation.

My personal proposal is to define science as it is today: the systematic study of all natural and physical phenomena. The laws of physics, mathematics, chemistry and all the rest are derived from science, and they are constant and universal. They cannot be bent, or broken. Technology utilizes and depends upon these laws to function and produce the desired results. For this tournament, pseudo-science, science fiction and fictional technology are all acceptable.

Magic will be built upon this system. Since at its core reality is based on the transference and reshaping of energy (don't forget, mass is also energy, E=mc^2), and naturally technology is at its most basic level the manipulation of processes related to transferring and reshaping energy, magic should have a similar role. So, based upon the previous statements, magic in this continuum is the ability to transfer and reshape energy without the use of technological aids. The ability to use magic can come from a number of sources: mana, chi, divine empowerment, but in its core it must follow the same rules and regulations as science and technology. That means that you cannot create things out of thin air, though summoning is a totally different story. If you think about it really hard, you will see that every spell and every magical act can be explained by the above principals. For example: creating a door to another dimension? Quantum mechanics/string theory. Setting fire to a tree with your mind? Increase in molecular vibration, or in other words an increase in their energy levels. Whether you redirect that energy from the environment or yourself is entirely up to you, but this way, magic becomes a universal phenomenon and its basic rules apply for every type of spellcaster you can think of. Of course, you don't have to know EXACTLY how something is done with magic (hey, we're not all theoretical physicists), as long as your character understands how his powers work. And, of course, if your opponent figures that out, then he has every right to use that knowledge to counter you.

Now, I can already see the point arising: "Well, Chaos, what if, say, Player A launches a magical attack at Player B and B has the ability to use a similar type of magic? Should he completely negate the attack?" Well, this is where it gets a bit tricky. Some people would say "yes", others would disagree. Personally, I believe that it depends on the way the character is made. If the character is able to absorb energy into himself, then it's a matter of how powerful the attack is, but if he is not and he can only manipulate, say, elements, for example, he would not be able to completely negate the attack. For example, if A launches a fireball towards B and B can also control fire, he could potentially redirect, stop, or disperse the attack. That is not fun for anyone, I suppose. So, to counter this, I propose the following: each person has a unique energy signature that he imprints upon his spellwork. That way, their attacks become unique and cannot be influenced by the powers of other people (exceptions are made depending on how a character is created and how his powers function). This concept can also be applied to explain magical resistance. This way science is also unaffected by the magical properties of an attack: since science and technology are based upon the same principles, they can be used in an anti-magical way by exploiting the energy signature system (for instance, an anti-magic shield could be one that blocks or weakens any energy signature other than its user's).

I am sure I am missing stuff right now, since I am tired and it's late. So with that I'll close this post and await your questions and comments.