I just got the 1.9 PC update and noticed the Legendary Perk (SPACE) option that I now get. I tried it by selecting Enchanting and Smithing which are both at 100. Doing so didn't make much difference to me since my character is already 51 and I have already created UBER gear with double chants on the armors and such. However, when you choose something like DESTRUCTION, you don't benefit anything, you in fact lose your dmg abilities and costs to procure magic, like with Apprentice and Master skills etc. So, since they roll these back to 15 again, whats the benefit? You just have to drudge all the way back up to 100 again to get it all back again. How does this remove perk caps and such??? Can someone explain the benefits here? Thank you =)

Once the skill reduces to 15 any increases in that skill contribute towards your next level and an additional perk. Thus, the level and perk cap is removed and you can continually level and receive perks

Exactly, you retain the perk points gained, you simply lose the skill, but that can be regained to further improve your level and total # of perk points allowing you to eventually have every perk in every tree if you so choose. Though honestly, I felt OP as soon as I hit about level 35..so I really don't see much purpose outside of being a completionist.

Thank you for the answer, but that leaves me with one other question and that is "was the level cap on monsters raised, so if we can go over the level of 81 can the creatures follow up the same levels?

Knowing half-assed Bethesda, what do your instincts tell you?