Eh... last time I looked at this thread it had under 100 post... Not its almost 300. Bleh.
Sure. Its a "system exploit" but the problems caused by it are distinctly personal. You don't have to power level, and if you choose to, you have no right to complain about any problems it causes you (becoming bored, etc).
The issue isn't that people can power level, its that everyone thinks it effects them when really you decide whether or not it even matters to you. If you don't want to power level, don't do it -- The only really issue is that there are going to be people who do it then complain about it like someone forced them to -- its a social issue, not a game mechanics issue.
Its a problem, if you want to call it one, because of what people will do it with, not because it is inherently wrong or bad. I have a lack of opinion, frankly. If people want to power level, I don't care if they do. If someone doesn't want to, then whatever. I just don't want to hear someone who does complain about the game lacking content when they are uses an unintended acceleration of the game's natural pace.
I talk about my view point and opinion of the whole thing in my most recent blog post:
http://violentdjango.tumblr.com/post...-stairs-gaming