I like the idea of a soft cap. I really do. It seems that some players have more myth gear than should seem possible... and it would be nice to be able to "catch up".
I dont think the cap helps on catch up, atleast now at 300 cap. They way is it now, players who have a lot of time can just go to Coil and farm Allagan gear, that is equal to myth gear. But the players who cant get a set party for Coil due to their times schedules are getting behind gear-wise, because they cant get iLVL90 geared as fast as someone who runs Coil. This cap is purely a time sink, especially on how low is it now.

Anyways, I like the idea of OP