User blog comment:Jimeee/Skyrim 1.9 beta update adds Legendary difficulty and raises level cap (Updated Apr 8th)/@comment-166.137.156.16-20130406115352/@comment-67.61.249.237-20130407083512

No, you don't get it. Here's an example: you're level 81, you have 10 perks in block, you make it legendary, and then the 10 perks are returned to you. Now you have 10 perks you can use. After that you level smithing back up to 100 which levels your character to 83, now you have 12 perks you can use. So now you can put those 10 perks back into block (if you want), and you have 2 more perks then before you went legendary.

So basically you could originally only have 80 perks selected, but with this update you can essentially have all 281 perks.