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Cavian wrote:The other thing to note is that the mythic ability doesn't require a dispel check and allows the use of any spell of equal level or higher while the Arcane Exploit requires both a higher level spell AND a dispel check.
That's because the mythic one doesn't count as a dispel magic. You still have to follow the same rules for counterspelling (same spell/same school if you have the feat).
Also, mythic power is also a limited resource.
1st-Tier Archmage Path Ability - Flexible Counterspell (Mythic Adventures pg. 16)
"Flexible Counterspell (Su): Your mythic power enhances
your ability to counter others' spells. As an immediate
action, you can exp end one use of mythic p ower to
attempt to counter a sp ell. This ability otherwise works
like readying an action to counter a spell, except instead
of using the exact spell or dispel magic, you can instead
expend a spell or spell slot of a level equal to or higher
than the target spell."
Bolded part for emphasis, the mythic version allows any spell to be used as long as it is the same level or higher.