Potential, baby, that's what star power is all about.
Felix Hernandez has some of the filthiest stuff in the entire league, and he's only 21.
Wang, on the other hand, is 27 with horrendous K rates for a guy that throws as hard as he does. His potential is lower for a reason, and it will never be higher than Felix's. That can't be argued, and neither player will be changed in that regard.
Regarding the All Star teams, I couldn't disagree more with your assessment. It's the 07 season, why play with 06 AS teams? And they have nothing to do with computing players at all.
Potential may be theoretical, but that's what star power in the game is referring to, especially for minor league players. I take star power very seriously, as it definitely affects how a player is rated.