Your skill has an upper hard limit based on the number of attribute and focus points you have in a skill. I would like an unlimited system but alas it is not. ( (( Attribute * 14 ) -10) + ( Focus Point * 40) ) is what I've found, limit of 330. Corrections appreciated. Additionally, its much to late to learn anything new after a certain point in leveling, as the game runs out of SP for you to continue leveling up.
The new skill system is both more and less intuitive than Warband, I feel. More intuitive because at its most basic level it's 'Level up the thing by doing the thing'. Less intuitive because of all the stuff you mention. Also, what do you mean about the game running out of SP? Do you mean skill points?