Absolutely, the characterization is very nice, and the author J.M. Straczynski did a really nice job embracing the old-fashioned / campy or even silly roots of these guys, and playing with it, contrasting them with today's times. But he has genuine admiration for them, obviously, because he says they are "pure" and somewhat innocent. He also didn't make the whole story too gritty or deadly or tormented (for gritty and tormented, please just read any DC or Marvel comic today).
Somehow, a mini-series with unique characters without too much baggage (another great example is the original Agents of Atlas mini-series) is a good format to tell these stories.
Just bought the first volume of the paperback and started reading it, (after having already read the second one), and enjoying it a lot.
Never have looked into project superpowers (I'm not a huge Alex Ross fan…) but perhaps I should give it a try!