Well, as with everything, it depends on how it is played, but a villiain can be in a position of power or be more powerful from the get go than a hero, mostly because villiains have a different role. How to put it? Heroes usually grow or reach a point to respond a threat, while the villiain has to be said threat to begin with. So if we see the story through the eyes from an evil overlord and its implications it's actually interesting, and said overlord needs power to justify its position. Just a thought, though.
However, it can be dull and boring as well if done poorly. If the story is just about how overpowered the villiain main character is, how much he owns all oposition, how much his subjects adore him or his victories come from cheap pulls from the plot, it can get stale.
What I guess is Cal's issue, and what I have gripes with as well, is that many stories nowadays focus too much on show off how powerful and better than everyone else the main character is, and just pile up every cheap ability on him. Guys like Oryx are absolutely insane, but from what I get what draws attention with them is their arc, with their powers being secondary, so instead of cheap they come as formidable.
If I had to take a guess, if you can go through a character's story and their cheapness is unperceived until you actually look into it, then it's actually working. This could be achieved in several ways.