I have a level 60 storm so I can no longer increase his level but I have over 20,000 Experience that i can collect and a bunch more quests to do (I haven't even finished Celestia or Grizzle helm and now Winter tusk is open as well). I want to continue with the quests to see what happens but then I will lose all the experience when more levels finally do open up. It would be nice to have more levels even if it is just two or three and spells can always be added in the future when it has been decided what spells they should be and what they do. Please consider doing this soon.
KI has already stated that leveling, story, etc isn't finished, and that the current cap is temporary, yes you may lose the XP, but seriously when has there ever been a problem in this game with a new world release of not being able to get enough XP to hit the new cap. Be patient and give KI time to get the new world together and out.