Okay, thank you guys, really informative. Two more questions crossed my mind about leves:

1) When do they reset? and is there a limit on how many I can store up? Sometimes I'll have 4 after waiting 2-3h, but sometimes I'll log on and have 15+ leves.

2) I have yet to be in an actual party, and I hear that the entire party can do the same levequest as the leader? How do party members do this? and does it use up a Leve allowance for them to do it?