So I'm exploring caves and such at level 2 and I'm thinking, wow, these critters are hard. Maybe if I wait a few levels and come back it will go better.
Actually, NO, when you level up --- so do the monsters in the dungeons. They're different, and harder. WTF? The critters in tunnels on Fallout 3 don't change like this as you level up.
I'm not sure what the point is of leveling up, if it just means the monsters get harder too and you don't really gain any advantages. Maybe leveling gives you more complex gameplay but not any easier.
Also reaching the "Level Up" point does NOT mean you stop gaining skills. If I reach the Level Up point and do a pile of alchemy, I keep on gaining skill points anyway. I don't know if these points count toward the next level or not due to reaching the level up point.
So, if you can keep on gaining skills even at the Level Up point, then it would appear that to keep the dungeons monsters easy, you should in fact NOT level up, but just continue improving your skills at that low level until the lowbie monsters are easy to kill.
Though this leads to the situation of actually avoiding beds at all costs, and only waiting for time to change.