I liked 3rd edition's approach, although I'm not sure accurate is the right word to describe a fictional thing like psionics. The 4th edition just treats psionics like any other advantage or power, so it's more flexible and balanced, but has a little less flavor built in to the system.
If you like the 3rd rules, Psionic Powers more or less recreates the 'power levels and skills' paradigm from 3rd, for 4th edition.
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