If I remember correctly from "Whatever Happened to the Man of Tomorrow?", Mxyzptlk's type of power is the most power out of all - it's stated that he chooses a new form and demeanor every 2,000 years or so (the last demeanor was as a "do-gooder," which could allow for a suggested reading that Mxy was the inspiration for Christ and various saints), and this 2,000 years he chose to represent himself as a trickster character - in other words, in the DC universe, it's suggested that he's the most powerful creature in existence (outside of the fifth dimension, presumably).