I read it is a soft level cap. You can still level up but it will be much slower.
So why is it called a level cap? Anyway, if that is the case, then, as I said, new beginnings are possible while still leveling up.
I like to think of it as a hybrid between Fallout's and TES's leveling systems.
Anyway, I will be playing as a paladin type character who specializes in swordfighting, blocking (if still separated), wearing armors (heavy, if still separated), smithing/armorer, restoration, a bit of alteration, and, if it's more useful in this game, possibly speechcraft (if still separated). Now, however, I no longer feel obligated to repeat doing certain actions or powerleveling to level up due to my class.
Leveling up speechcraft and blocking was always a pain, for me. The attribute multipliers are also gone...
or at least I hope what I read means they are... :unsure: