You are right, the evidence of nerf-age is here:
http://www.d20srd.org/srd/psionic/psionicFeats.htm [Caution: Common sense is optional]
"An empowered and maximized power gains the separate benefits of each feat: the maximum result plus one-half the normally rolled result."
WoTC idiocy never ceases to amaze (max [not empower cuz it's done in parallel!] love for monks, nerf everything that can harm monks).
Running parallel mechanics is putrid stack management. Ok, why wouldn't a player fire up the base power THEN Empower it (1 psi-bogus down), THEN Maximize (2 psi-bogus down) THEN Twin (3 psi-boguses). Official confirmation that psionic focus is a failed mechanic.
I'm not a binary hound or I'd re-code to series. I guess the only way to mitigate is to increase abilities such that you gain the wasted pp.
Does the same logic fail (parallel mechanic with psi-boguses) also apply to Max & Twin? I.e. Is the twinned power random or Max?
A house-rule meta-psi series-parallel switch would be pretty cool . . .(day dream) .. sigh.
On a non-idiot (WotC BS) note, Imp Meta-Psi III (IMP-3) is generally better for lower level Manifesters. Ie. L 20 manif w/o PMan or O-channel, 2 pp is ~ 10% of the meta-psi costs and Imp Meta-Psi III is 1 of 7 epic base feats or 14% of epic feat total. If you have bonus epic feats, it may be worth it. An L40 mani + 4 PM + 3 OC = 47 total, 2 pp is a much smaller % of wasted pp. In short, you have to balance the marginality / limiting returns of IMP-3. IMP1 and 2 are slam dunks for heavy blasters.
Thanks for the reality check. It's a lot worse than I thought.