As a die-hard fan of 1 and 2, and someone who enjoyed the gamespy pvp in Tactics, I did not have a negative reaction to reading about this new system. And I'm pretty accustomed to having negative initial reactions to things. So I'm still hopeful I'll enjoy this new Fallout.
Meaningful decisions in leveling is a key thing for me. And they claim that they tried to balance all the perks so you're making those pro-con decisions. I don't know if they're solid enough designers to make that a reality, but at least they recognize that's important.
The "no level cap" would only become a problem if playing through all the main content levels you so high that you can meaningfully acquire most of the perks. But with "270" available perks, it really depends on what level I can expect to reach without senseless grinding. If it's like 50 or 70, that's not so bad from the perspective of actually designing my character vs just having everything (which would be totally boring).