I watched the end just tonight, I thought it was fantastic, and I thought it nailed the paradox of Manhattan's limitless power being essentially useless to him, with the only time he could be happy when he didn't know about it and couldn't use it. Why didn't he save himself? Well, he didn't want to. Only a narcissist would want to live with that power - in the end he agreed with Ozymandius that it was better destroyed.
I would assume the egg grants some power, but not the same omnipotence that Manhattan had. Otherwise he wouldn't have passed it on, especially to someone he loved. And that would also explain why Sister Night didn't turn blue upon indulging in that breakfast of champions, even after she figured out he wanted her to consume it.
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Better educated sadness than oblivious joy.
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