And in many ways, a less powerful. Same Filmation gave She-Ra the same brute strength He-Man has AND a whole bunch of other abilities plus even a magical sword with lot more abilities. And Mattel didn't help in that either - 'Most powerful man' and 'THE most powerful woman'
I tried putting stuff in a somewhat coherent order...I don't know if it makes sense to anyone else but the authority said us fans are who make the lore and I'm a fan so I must be right.
The King Grayskull being in so many ways like He-Man gives me the feeling someone's been playing the Legend of Zelda series. Link and Zelda and Ganon get reborn. Much like here. The Ancients obviously saw the next great evil rising on a certain era, and the member of the bloodline in his prime at the time would get enchanted with the power to counter it. I still think there should've been the era of Preternia, with He-Ro and the Elders fighting and (sssadly) defeating King Hiss. When their life was ending, they could've concentrated their power on a location (there were plenty of magical pools and whatnot in most of classic materials), let's call it The Cave of Power. Then there could've been the era of mr. Grayskull, who built an actual castle on top of that power source and formed a kingdom nowadays ruled by King Randor and dispanded Hordak (with a time anomaly Keldor) to Despondos. Those two could've studied technology and black arts in their absence from the Eternia, Batros being a test subject of if they can actually send forces back there. And finally, Hordak and Keldor try to invade Eternia once more, but are fought off by young Randors troops and Hordak gets disbanded on Etheria this time. Keldor manages to remain on Eternia, perhaps moreso than not because of his royal origin, and then there's the Keldor to Skeletor kind of battle, transformation to Skeletor (although I don't much like the god-like Hordak as portrayed by MYP) the great wall being destroyed (such event was on classic UK comics too) and then the epic battle of good and evil as portrayed in so much lore, release of King Hiss and Hordak once more on Eternia.
The key characters being born again would also explain He-Man of the future without having to send the actual He-Man of our time to the future and leaving most evil beings on Eternia. Skeletor being a time anomaly already enchanted with Hordak's life preservation spell could still be the same - after being defeated in the past and current, there's one more time to try: the future. Skeletor being the actual Overlord of Evil in every single time there is for MotU gives him the deeper meaning he needs despite all of the wannabe snorters, and again sssadly, pawns of Snake Gods.
What Adora? Where?
One more notion about the title Masters of the Universe: Especially since it got translated here as someones who actually rule the universe...I don't want to think the likes of Ram-Man or Mekaneck are in charge. I just don't. Heroic Warriors, Evil Warriors, Evil Horde, Snake Men, Galactic Guardians, Evil Mutants, Great Rebellion. They all have names for themselves. And all those cliques are, in part, Masters of the Universe.