Well, my view of Morph, and forgive me because I haven't been reading from the beginning, and it's possible I missed Winick's run, is that he's like Plastic Man. He's generally there for comic relief because, really, if he were allowed to go all out, there wouldn't be need for anyone else. He's a being so powerful that if he truly utilized his powers he could kick everybody's ass.
Re: Exiles and shark-jumping
What's Morph's story, anyway?