31/1 - Characters' max level is increased to 250!

But what about the exp penalty for being over the enemies level range? By 210 at least (I can't remember what the level range is) you will be getting far less experience than that, and also you will outlevel the high level content they are releasing too.

(I'm guessing that the level penalty does apply to the cygnus areas, but with the cap being 200 nobody has ever hit the penalty)

You don't get an exp or drop penalty from mobs that are level 150 or higher.