Whoa...that's high. I think I read that there is a limit to the enemy-levelling though. Too bad I can't find hard eveidence of that right now...perhaps someone else can? There's just too much info about this game out what with all of the interviews and reviews and previews, etc. Makes it hard to find anything!
I don't think there's an actual "limit" other than when all of your major skills hit 100. Theoretically if you wanted an insane level, you could chose a class & major attributes that don't match. That would be rather pointless though in my opinion. Levels in Oblivion/Morrowind aren't really comparable ot levels in other RPGs.