Level caps, in some games, makes the virtual feel of being stuck in time too real.
Of course, it all depends on mechanics and how the game is designed. The moment you make your character unable to have competing equipment as he levels up on and on, and monsters get tougher and tougher (not harder, but simply boringly Health Powerhouses), you are really considering a single side of the coin.
Some games I concur they shouldn't have level caps, or have greater cap, because it's still likely you'll be playing and evolving and having things balanced as you go on.
For MEA, as it is, you have means to redistribute your skills. So it's not really mandatory having unlimited level cap. Figures you'll end up with all your skill maxed out ... then, what? You cannot even equip them freely, you have to deal with CDs when changing from favorites, some skills don't escalate well at higher difficulties.
There's a whole set of things to fix to match such condition. The worst of it all, is that all these things ... should have been considered already. I fail to see a reason or a fair explanation that so many things regarding basic mechanics to make the game marginally less disturbingly broken need to be pointed out so often.
Anyway, whatever. Let's wait a bit and see the next wave of ... whatever else they have to tell us.