1) Edges are generally tweaks to well-tested abilities. We have a staff of about two dozen to come up with ideas, and the people involved in the infrastructure and coding portions have over a decade of experience each, and have a deep understanding of what will or won't likely 'break' the system. Judging by the distribution pattern and player discussions, there is no early favorite for a "best" Edge. If one emerges, we'll adjust the magnitude of its effect, make it more difficult to earn, etc.
Also, not every character can choose every Edge-- they all have various prerequisites which can range from being a certain race, needing expertise in one or more skills, requiring a minimum level in some attribute, etc.
Not every Edge has the same 'price' in terms of overall achievement, and achievement can come in many forms-- roleplay recognition, defeating other players in combat, commerce, exploration and observation, earning elevated status within a cabal or religion, etc. The system has diminishing returns along several axes, and the characters who reap the most benefit from Edges are necessarily quite well-rounded. Any character well described by a single Bartle archetype ("just a killer", "just a socializer", etc.) won't excel there, in line with our game's general direction.
2) Re: Flaws: They are 'priced' such that a min-max player wouldn't touch them with a ten-foot pole. The bonus you get for choosing one is intentionally not worth taking the handicap of a Flaw. They seem popular despite this-- we're a roleplaying game with a strong PvP element, and a number of our players would take a Flaw or two for "free" to better fit a role, or just to show off.
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