Apparatus, and an associated method, for compensating for the effects of fading, or other distortion, in an MIMO communication system. Analysis is made at a receiving station, such as through channel estimation by a channel estimator, of communication conditions on different sub-channels, defined by different communication paths upon which data streams are com­municated to the receiving station from different transmit antenna transducers. Power controllers generate power change requests responsive to the channel estimations. The power change requests are returned to a sending station by way of a feedback channel. And, the power levels at which data is transmitted from different transmit antennas is correspondingly changed.