Why there isn't some fixed level you can reach?
Your final level is when all your skill reach 100, and I think that it's pretty silly since it always ruined concept of classes (at least before when we had them - even though they didn't serve any purpose at all) and now ruins the concept of specialisation.
Everyone can do everything and it's simply lame!
With fixed level limit, you would actually need to plan out your actions and think a bit what you are doing.
Your specialisation would be more rewarding and would have a meaning instead of just being able to do everything.
Also, racial bonuses to the skills have absolutelly no purpose what so ever.
I mean, a Dunmer may have bonus at Destruction magic unlike Redguard, but it doesn't matter since Redguard can do it also, only with bit of a delay.
This also means that that chocie of race is less important.
inb4 herp, derp, TES iz SP... SP need no balance & TES iz about duing everything u wantz, hur, hur, hur...
Yeah. those two answers are lame and not valid at all.
P.S.
I was in a bit of a rush when writing this and will update it with more info and reasons why fixed lvl limit would be better when I have more time (probably tomorrow).