Saw this idea presented over on Facebook and wondering how you would write up the power to create a tiny creature with powers that you would control like a puppet while seeing & hearing through its senses:

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homunculus - this guy creates a tiny duplicate of himself that he controls and can see and hear through like a drone puppet. his connection to the puppet creates a psi-shield around himself that others near him can also benefit from. and his puppet has powers of life detection, corrosive touch, regeneration, and leaping.

Does the power itself determine the rank of the created creature's powers and abilities, or would the power rank just be used on FEATs to create / control the thing in unusual circumstances, and determine range of control? And if it's the latter, how would you determine abilities and powers for the created creature? Separate random character generation after completion of the main character?

It'd treat it as an energy doppelganger. The description mentions it's a tiny duplicate of "himself". That power gives you the option of assigning generated powers to the doppelganger. Everything else seems like special effects.