I would be cool with a merit system, if done properly. It would give incentive for people at max level to keep killing monsters, along with spiritbinding and farming certain items like Karakul Fleece, etc. Though, it would be tricky to implement if Yoshi and his team plan to raise the level cap soon.

I think the best way to implement a merit system would be after they've established a solid level cap for a while, and also bring back the level sync system. This would encourage max-level players who need merit points to party up with lower-level players who just simply want to get their class/job up. In doing so, with proper mob placement in each map, this would also keep each area of the game more relevant as well.

One of the biggest problems that me and my friends have with MMO's in general is the fact that, if we don't start playing at the same time and at the same speed, then our character levels would get too far apart to effectively do anything fun together. One of us would be going through endgame dungeons while the other would still be stuck trying to get his first job unlocked or something... it's very inconvenient. Having something along the lines of level sync and merits would alleviate that, and would possibly also get rid of the current power-leveling problems because veteran players could still help out newer players by actually showing them how to fight instead of killing things for them. I really think it would strengthen the game overall, as well as the community.