Loved the character and read through Secret Wars 2 (at the time it wasn't so bad, but hey, I was a kid). I personally think the intent was that his death did indeed create the New Universe (which I also kinda dug), but that's all retconned away, now. I love omnipotent characters flaunting their omnipotence, and I was especially impressed with his fight with Doom during the first Secret War (Doom truly kicked ass, and what a cliffhanger that issue had).
I got a chuckle out of Mxyzlptlk (sp?) impersonating him during Byrne's Superman run.