Ok I am currently doing the thieves guild quest line in order to receive a particular set of armor that I won't spoil for anyone... but if the armor does not become more powerful as my overal level increases...wouldnt it be best for me to wait until I was a level 50 before actually going after any unique items or leveled items?

level 35 for max stats.

Yes. Its a real downer, its also one of the reasons I am not playing right now. Hoping the patch fixes it or the construction kit is released soon. Also, lets not get into the whole companions skills not leveling correctly with the player /mutter.

I guess that isn't too far away, but I don't really want to power level, nor do I want to avoid quests because I may get a leveled item at a lower level...oh well!

There doesn't seem to be that many leveled items, or at the very least, not as many as OB's.

http://uesp.net/wiki/Skyrim:Leveled_Items