In continuity, the Erik Josten Power Man lost the battle for his name to the Luke Cage Power Man prior to the story that occurred in Avengers 164 - 166.
In that classic tale, Josten is sought out by Count Nefaria and has his powers boosted to amazing new levels. He is then betrayed by Nefaria, who siphons his power, Whirlwind's, and Living Laser's powers into himself to become a veritable Superman.
While his powers were reduced after this, the Josten Power Man continued his life of crime as the Smuggler. Of course, he later got boosted again by Karl Malus, beame Goliath, and then later became Atlas of the Thunderbolts.
And thanks, Rich, a post is coming on Super Action Role-Play!