That's what CC is and (hopefully) FHC will become. Or at least they're a step in the right direction.
To me I think one big change that needs to be made is in presentation. IMO much of the perceived complexity of Hero is a result of character creation, which is where all the "hard math" occurs. To play devil's advocate, admit it--if you ever thought about using a spreadsheet to handle character creation, then character creation is probably going to be not fun for a significant percentage of potential gamers. For many, character creation is a necessary chore that delays getting to the fun, and as such a long creation process can be a real turnoff.
Once characters are made, though, the complexity goes away, to be replaced with a virtually table-free combat/action system that scales incredibly well, requires very little math, is mechanically consistent, and captures the feel of cinematic action. Without restricting plausible character actions, or encouraging ridiculous character actions.
For this reason I've often thought that Hero books are laid out backwards. They should start with the combat and power rules, with sample characters for immediate use, and character creation should be in the back. If you want to take this to an extreme, you could actually use Hero to build a (gag) class-based PC framework, with (choke) predefined powers/spells, and it would be perfectly playable. These would serve as training wheels until the players were ready to take them off and play a grown-up game.