The movie is rumored to have gone through many re-writes and changes while in production, resulting in many plot holes including the exact abilities Meteor Man has as well as sub plots involving Jeff and his personal life (including his fears).
Many scenes appeared in the script and possibly could have been filmed but did not appear in the final film. These scenes include Simon asking Meteor Man to join him while they are both trying to get to the meteor, with Meteor Man saying never. A scene where Jeff,losing his powers, attempts to save a cat but can't fly. When he finally gets off the ground he catches the cat but falls. This is witnessed by Squirrel and Dre who are about to tell this information to the Golden Lords but is then stopped by Jeff. Also a scene where Jeff gets over his fear of heights and a sub plot involving Jeff's relationship with his ex Stacy is missing
The trivia item below may give away important plot points.
The original ending had a more confident Jeff standing up for himself and his community and using his role as a teacher to better everyone's life. He then gets approached by Michael who tells him that an even bigger piece of the meteor that hit him was found in Arizona. The two then agree to buy plane tickets so that Jeff can get his powers back and once again become Meteor Man. This is followed by Michael trying to talk him into letting him get some power from the meteor so he can be his sidekick. It then ends with Michael throwing out names to him, such as Comet Boy, Chocolate Thunder, and the Flying Wonder.