consider the ign video of the dev running around showed the guy getting decently damaged despite being level 28, it´s clear there are limiters in effect, so running around as a level 20 guy in Old Russia won´t make you the unstoppable god ya think you be, even without a lvl 20 centric difficulty.
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You are absolutely correct. After looking at the various videos outlining Defense and Attack, it seems that even at several levels higher than a level 1 enemy your damage won't be astronomical. Instead you'll do the max damage according to their level. I think this was done to prevent power leveling. So things won't be completely easy if you were to take on lower missions. Still doesn't prevent Bungie from adding some challenge modes or something to that effect.
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Yea, I believe the destiny database [destinydb.com] has exact figures for power levels called power factors.