CMS defeated Pink Been?!

You need the time stones to forge true Timeless Weapons. All "Timeless" weapons that currently exist are actually Reverse Weapons, which look the same but aren't as strong.

I remember reading somewhere that Timeless Weapons also "level up", amirite?

They both do.

리버스 니플하임
Warrior only - 2H Sword
Req Level: 120
Req STR: 370
Weapon Attack: +110

Level-up system
EXP Table: 70 --> 75 --> 80 --> 0
Bonuses each level: Weapon Attack(0-2), STR(1-2), DEX(0-1)

You have a 1 in 10 chance of getting a skill at level 4
Possible skills: Brandish +1, Blast +1

http://www.southperry.net/forums/showthread.php?t=91

'리버스' is Reverse. '타임리스' is Timeless.