Level Caps: Yay or nay? I say Yay.

I'm not sure who first introduced "level caps" in RPGs but I have to admit that I like them.  There are two particular reasons I like them: I love tinkering with a character and attempting to come up with the perfect balance of stats/skills/weapon emphasis for my final goal. I do not love demi-god characters unless the enemies can match the player in terms of skill/power/dangerousness. Having a level cap with opportunities (sidequests/loots) to boost skill points is my favorite balance that has shown up in Bethesda games and to certain extent Bioware. Additionally having a fallible character makes for more exciting gameplay/role playing experience.  As an in-game looter/kleptomaniac I tend to lean toward an archaeologist (thief/rogue) type of character but I never beef up my character's strength enough to carry huge amounts of loot.  Also I rarely end up in heavy armor, etc etc etc.  With a level cap I have to be more careful with what skills I take and how I distribute attribute points.  Without a level cap I can put points wherever I want and end up some kind of uber-mensch able to carry eighteen suits of armor, twenty-two weapons, and enough healing potions to open my own Red Cross.  Where's the fun in that?  What do you folks like?