I appreciate the interest, everyone! The way I'd imagine the "rotating GM" part working is that I GM the RP as a whole, but when specific villain battles occur, the person who conceptualized that evildoer will GM that fight. They would be in control of them and their hero character; in advance of the battle, I would coordinate with them on ideas they had for the fight and so on. 

Since we have a few folks interested, I'll get to work on an OOC thread. If anyone wants to get started on their CS, here's a template that I totally didn't take from another RP :P The setting is rather loose so far, but in case people need to know, Lafayette City is a large city in the American Midwest.

[hider=Character Sheet]
Name:
Alias:
Age:
Gender:
Family:
Appearance: (1+ paragraphs detailing your character's appearance, picture(s) are optional. (Real life, cartoon, anime, anything is fine.). Be sure to describe their daily attire as well as their costume)
Superpower: (Be sure to include how it works, its weaknesses, and its strengths.)
Skills: (Not necessarily combat skills.)
Equipment:
Personality: 
Biography: (Be sure to include when they discovered their superpowers (it can be apparent at birth, or show up at a later time in their life) and when they decided to become a hero)
Relationships: (Optional, discuss this with other players!)
Extra:
[/hider]

And of course, if anyone else is interested, feel free to throw your hat in the ring. And if you have ideas for villains, send me a PM so that the reveal can be a surprise for everyone else. The first battle will be ran by myself based off of an idea I have; the rest is yet to be determined!