From the interview with Todd, it seems very unlikely that most people would ever reach the mathematical level cap, so we are really talking about perhaps just a handful of perks, up to whatever level would be the natural stopping point for a character after you have played for 400 hours or so. (That might be level 60, or it might be level 40 or 50. No way to tell at this point.)
Honestly? Can't say how I'd feel at that point since the game isn't out yet, but I do see your point. It also depends on how attention grabbing the game will be throughout my play through. If I have just as many, if not more things to do in Skyrim than Oblivion, then I could possibly see myself hitting 50 or higher. Then again, my opinion isn't everyone else's