I really hope that theirs a Hard Cap for lvl 200 at max.
In a game like this, it's good to have alts for different roles depending on what is needed by the team. As the soft cap just keeps getting bigger and bigger, you will start to see fewer and fewer high level alts as people will get too bored levelling 1-2-3 different toons.
If their was a 200 Max hard cap, I'd take all 3 of my toons to 200. If the game keeps going the way it's going, i very much doubt I'll bother taking my druid and mage past 150.
For many other MMOs half the game is reaching the level cap, and the rest is getting epic gear. I think that this game is lacking in the gear department and that is why people are getting bored. To improve this:
1) Make more varieties of gear for the player to get (more/better gear)
2) increase/improve the opportunities to gear up (more bosses)
I'm hoping crafting will help out with this too. In other games, some of the best gear is crafted. I'm looking forward to seeing what is ahead!