Holo-Man

He looks like a rainbow Captain Metropolis

History
James Robinson (not to be confused with the comic book writer) was a scientist working with holograms. The president attended a demonstration of his hologram device. However, it was sabotaged to explode. James Robison threw himself in the way of the blast to protect the president. However, this somehow sent James to "a dimensional plaeteau". Here, the very Shazam-like Laserman explained his powers and that importance of his "Holodisc". Laserman returned him to Earth with a garish costume. He introduced himself to the president and began an investigation to find the would-be murders are. After leaving the White House, he saw holograms of missiles above the White House. According to Holo-Man, this was "the first stage of the invasion of the United States" (how he knew this is never explained). The comic took the reader to check out "the next superiffic issue of The Amazing Adventures of Holo-Man!!!" (the bold and exclamation marks were in the original text). This issue never existed.
Powers
He is a living hologram although he is somehow able to touch objects. By concentrating, he can use his various powers. He can generate hologram illusions, turn invisible and phase through matter. He has the Holodisc, which "unlocks" his powers. He has charge himself every 12 hours to retain his powers.
Holo Squad

At the end, the comic showed a superhero team "Holo Squad". The team constited of Holo-Man, Laserman and three new characters: the kid Wavelength, Utopia (who dresses like a Disney princess) and Laserwoman (who wears a mini-skirt and cape). They are seen with a balding man, who may or may not be a member. Wavelength is shown with a colorful bird and a raccoon that is yellow with spots of red.
On a nearby screen is an unnamed character (who looks like a mix with the original Doctor Strange (see my "Doctor Strange" post) and Stephen Strange with long hair). This seems to be an enemy of the team. Said character appears on the cover despite only appearing here.
Reference:
http://www.misterkitty.org/extras/stupidcovers/stupidcomics325.html