I was really hoping to hit 5 as that is where classes gain a huge buff in power. It makes sense even from a play testing standpoint. Multiple attacks per round, 3rd level spells, etc. I really wanted to see what dumping a fireball in to the middle of the Goblin Camp would do, without scumming explosive barrels.
So yeah what Tuco is saying is correct. Come on now I am actually thinking I'll pause until they remove the cap in a future patch because I'm not gaining any XP which is a huge part of the entire game and character progression. I honestly don't want to kill a single thing at this point because it's a complete waste of XP/progression.
I wouldn't worry about this too much. It's already been noted that during EA we should expect character wipes and resets. Don't expect to keep your current characters through to release.