I have to agree with DarkDragon - the amount of skills in Morrowind slowed down the process, and sometimes it was slowed down even more when we had for one reason or another to level an additional non class selected skills that did not contribute to the level.
But while I like the need for specialization, I although don't like that specialization being artificially enforced, while pretending not to be - I think it should be theoretically possible to be an "all knowing god" but it should be hard enough that no character that is less than 1000 hours old will actually have any hope to be.
I am hoping the hard cap is simply a GMST or similar value in the editor, and can be adjusted. That said, I won't adjust it unless one can also adjust how fast you gain levels.
What would be really cool is if after level 50 or so, one could still gain perks, but at half the speed, one every two levels instead of one every level. I think that would work quite well.
Maybe it'll be possible to do with mods. Hell, it probably will be. This modding community is amazing.