Im slightly confused about the item level thing. Is the basic idea that while there is no future level cap increase planned, by equipping level 115 gear, that in affect becomes our level? The idea being that in order to obtain level 115 gear, we should have roughly level 110 gear and so-on?

The stats offered by say level 115 gear would be comparable to if there was a level cap increase (not that i'm suggesting that, I like level 99).