The only thing they've said about it is that they weren't considering it up to 1.21 because they don't want current players too far ahead of the rerelease/PS3 crowd.

That said, I don't see the point in raising the level cap any time soon. I could understand if leveling were quest-based and more levels meant more story, but we'd be leveling just for the sake of leveling. Leveling in XIV, as in XI, is a very dull experience.