I think the fact that you level up so quickly is it's biggest flaw. I'm level 20 and I haven't done very much so far. I'm not going to want to play after I reach the maximum level.
The problem isn't even level cap. Levels are fairly arbitrary in the game. You can increase your Health, Stamina, or Magicka by 10 every level. Hitting level 75 is the same as hitting level 2. It does nothing but offer a false sense of progression. Skills, cap out at 100 for all intents and purposes. Besides enchants or potions, you cannot raise the skills past 100. Itemization is completely static. You have 11 tiers of items, with one being better than the next. The moment you get the 11th tier, you no longer need to seek any weapons. What this means, is that progression stops welllllllllllllllll before level cap. As a matter of fact, the only way to get to level cap is to level skills that your avatar does not generally use, or was built to use. Why would you level? So you can complete the perks you want and still have a sense of progression, I don't know. My problem isn't level cap as much as skill cap and that item scaling is atrocious in Skyrim.
Through no fault of my own, I went from a starting Bow, to a Hunting Bow, to an Orcish Bow, to an Elven Bow all in a matter of a few hours. I skipped WHOLE tiers of items almost immediately. By level 20, I found an Ebony Bow...Around the mid 20s, my Smithing was capped out (not by camping vendors but by mining and buying mats when I would finish a quest or find a new town). I had already found a Daedra Heart so now my Ebony Bow isssss a Daedric Bow. Best Bow besides a Unique one that I got HALFWAY through just the SOFT LEVEL CAP. This means, for the next 25 levels+ I will never ever ever ever ever ever get another upgrade - ever. My itemization has stopped. I beat the game. Lame.