User blog comment:Jimeee/Skyrim 1.9 beta update adds Legendary difficulty and raises level cap (Updated Apr 8th)/@comment-5019018-20130322164514/@comment-5198194-20130325133843

The point of legendary is that not only do you have all your earned perk points (and you're able to redistribute them), you also get new ones a lot faster than you normally would at that high level. In addition, people like to brag to their friends that they're level 999.