Sometimes God Modding and power playing from a GM's perspective can help with the story. It can be used to force the players into a certain situation where the story would excel far more than just by letting things occur naturally. In saying that it depends on how often it is used and to what extent...

Eg: Possible reason to PP: forcing a player to lose a fight so they can be captured.

But as I said, it depends how it's done and for what reason. The GM might have a certain goal they want you to achieve and change your motives. 

The one thing that I remember from ages ago is that ANY GM has to realise that the players will naturally think that they are a main character. This is important because if the GM starts to overpower the story the players will feel like they had no part or investment in the RP. I had this happen once, I could have made my character do something cool, but my GM forced me into situations to limit my options in a bad way. Eventually the RP died because we could see that it was more of a narrative story telling as opposed to a genuine role play. We were never in control of our characters and it was made apparent the more we tried go push certain situations.