Simonson, Brigman and Bogdanove were born to create this comic. The art and dialogue are delightful, the kid superheroes look and act like kids, and the many cameo appearances are handled gracefully too. Particular highlights are the Punisher crossover, which had me laughing throughout, and Thanksgiving dinner with everyone from Wolverine to Beta Ray Bill. Even the main Snark Wars plot has a really good twist. But...
This book is a cast of adorable characters in search of a plot. The Snark Wars are like 20 issues long and profoundly uninteresting. The Secret Identity drama is reiterated in every issue and never advances. The attempts to address social issues are ham-handed. Even the endless crossovers start to become surreal, where every superhero says "Go home, you're 5 years old" and Power Pack says "nah" and saves the day anyway. But those aren't the real problem.
The real problem is that this is a Jim Shooter-era Marvel comic with a very simple premise. You can read the X-Men or Thor crossovers and get 95% of the entire story, personality, and powers of the Power Pack. There's just no need to go back and read 35 issues to find out how Julie got the codename "Molecula, Mistress of Density". It's actually cuter and funnier without any explanation.