I think the current system is well thought-out. However in the future, to accomodate high-end players, more difficult mobs will need to be introduced so that they can continue to gain skills. At the moment everything is in balance, I think. Yes, many players tend to stick with low weapons, and chip out to accumulate skills. But this also means they can't do other things. There are trade-offs on both ends of the spectrum.
The Allfather