I've only played Champions Online, so I'm not acquainted with the Champions universe all that much, but I loved the customization that it allowed, especially when it came to powers and designing your own hero. I didn't like the actual game too much.

Given that, and the fact that the PnP RPG is probably much more involved, would you recommend picking it up for the ~$25 for the full bundle?

I have played quite a bit of Champions Online before it was owned by Arc systems and a very tiny bit after it was acquired. The game has mostly stayed the same as gameplay, but some things evolved. I certainly recommend getting the bundle if you're willing to invest a lot of time in the game. I had a lot of fun with the game.