rip hunter's piece interest me, why does not many people use him. his SP is quite the power.

so basically his power "standard and named powers cant be countered"
so to clarify does this mean, if someone tries to use outwit on a friendly character next to rip hunter, they basically cant?
and if the damage is penetrating, and the friendly figure has toughness or something, toughness still counts yes?

on a side note, penetrating damage cancels impervious, toughness or invulnerability yes? (in general)

Sort of. They can Outwit any Special power the figure might have, as the protection only applies to standard powers (named powers = standard powers with a different name on the character card).
No. Penetrating damage cannot be reduced, it does not counter any damage reducing powers - it just prevents them from working.
Not really, it just bypasses those powers.

Since like Quebbster said, Time Master only applies to standard and named powers, the easiest way to get around Time Master is to just Outwit Time Master itself. Time Master is a special power so Time Master does not prevent Time Master from being Outwitted.