Shirt Weight: -1 - These characters are Red Shirts of the brightest crimson. They have next to no combat ability and die in droves if they aren't protected (and sometimes even if they are). If a protagonist, they must be extremely careful and wily to avoid defeat or death.
eg. Rice Boy, Newt, Meat Boy, Prinnies
Muggle Weight: 0 - These characters are not significantly stronger or weaker than the norm for the setting, and tend to be Innocent Bystanders and (you guessed it) Muggles. Though not necessarily as strong as humans, they are "about as strong as everyone else." Protagonists in this weight class tend to be Action Survivors and Arthur Dents.
eg. Richard Mayhew, Ishmael, Jim, Ellen Ripley, The Kid
Iron Weight: 1 - This weight class is almost exclusively for plot movers and shakers. Though still human (or "normal") they are usually Bad Asses who are Made Of Iron after getting Training From Hell, or are experts at Kung Fu, Good Old Fisticuffs, Gun Kata, Le Parkour or the like. Basically, someone who you or I could become if we didn't suck and weren't lazy.
eg. John McClane, Kaycee Jones, Faith, Batman
Super Weight: 2 - Characters in this league are no longer normal humans. They can have magic, a superpower, be cyborgs, aliens, or have been otherwise blessed (or downright endowed) by their heritage. Some 'normal' humans can fit in this category too, like the Serial Killer Implacable Man in a Survival Horror game or movie.
eg. Spider-Man, Mario, Edward Elric, Sonic the Hedgehog, Sgt. Schlock
Lottery Weight: 3 - These characters have either won the Superpower Lottery or have at least two Super Weight class powers. If the setting has superpowers, this tier is reserved for The Hero and his Arch Enemy. From here on up, authors will start having trouble challenging this character. Expect to see Green Rocks and Weaksauce Weaknesses.
eg. Superman, Magneto, Shyna Nera Shyna, Sosuke Aizen
Deus Weight: 4 - These characters are, to put it bluntly, godlike. The fabric of reality is their canvas. Whether a newly ascended Energy Being, a god with an odd job, an All Powerful Bystander or a Big Bad that has broken the Sorting Algorithm Of Evil. This tier and higher are usually reserved for Game Master-controlled characters or risk having the protagonist become a God Mode Sue, because they tend to be story breaking Deus Ex Machinas. That said, a protagonist at this tier can have engaging adventures, the author just has to be careful to scale the Sorting Algorithm Of Villain Threat accordingly.
eg. Dr. Manhattan, Coyote, The Grim Reaper, The Implementors, Galactus
Author Weight: 5 - Characters that are this powerful aren't so much characters as forces of nature. In fact, they are forces of nature. While this tier is reserved for (capital G) God and the Author, characters can be written for at this level. Just don't expect it to be a normal story.
eg. God, Tenchi and the Choushin, Haruhi, The Endless, Powers and Imperators, Prime Intellect