Being a lvl 34 means nothing now. The whole point of this update was to approach lvling differently. What matters more is the light number underneath that 34 - 153, 164, current max out at 170; 171 warlocks; that will determine your survivability and dmg output in PVE.
You can be lvl 40 and still not be doing the maximum dmg output and have full survivability. This whole 2.0 was to approach lvling differently - lvl and "light lvl" are now two separate things.
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They seem backwards to me. I like games where my experience builds my character.
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Characters are Locked at 34 right now opening to 40 once TTK comes out. To reach lvl 40 now is through experience - just as we had when lvling from 1 - 20, and so not just by pieces of armor. Lvling to 40 thus allows us to use better weapons and armor later (obviously. Those better weapons and armor will have lvls and upgrades to them as well as to reach higher dmg output/ survivability. It's as if we're doing lvls 1-20 again. With the dmg and survivability output its own separate entity based on the stats of those items, rather than a simplistic highest lvl means max dmg output even if that weapon isn't upgraded yet. Rather than having your primary doing full dmg since you maxed it out while your other weapons are doing mediocre dmg since they're not upgraded - it's an average of everything you have on. The patch bred of 2.0 explains this. It's like Diablo 3.
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I understand how it's set up, I would have preferred a system that gave leveling a direct impact on characters. For example every level after 40 would increase the benefit of one of your perks in your skill tree. That's just the RPG player in me though.