I like levelling up really fast, especially at low levels, makes me feel like I've done something in the game. And seeing myself at high levels makes me :celebration:
Yeah, I think it was a very clever thing to do. I mean, it's all just artificial numbers, but if we can technically go up to level 40 with our characters, then we'll always think of that as the maximum level, and then wonder why there weren't any challenges for characters between levels 25 and 40.
Now our characters will, in Oblivion terms, still be only at about level 25 or so, but the game will instead tell us it's level 50, and we'll feel satisfied.
Also the even higher levels might be possible, but it's simply not as tempting (after all, at some point there won't be any perks anymore).