dtgreene: All this discussion about the Learning skill reminds me of when I was playing Lords of Xulima, another game with the Learning skill, and how I decided that the existence of that skill was bad game design. (There's some other issues with that game, to the point where I ended up dreading the level up screen, but that's another story.)
Of course, there are some questions I could ask about MM6 here, like this:
* If you focus exclusively on Learning, to the expense of all other skills, how high would your level actually go?
* Are skills that important in MM6? (Could also ask about later games in the series.) In particular, if you ignore the skill system entirely, never putting points into skills and never doing expert/master quests for skills, how much harder does the game become?
Calculating final level when focusing exclusively on learning would be very hard, as your xp bonus would be increasing along the way. I don't think anyone is masochistic enough to find out.
The game would be extremely hard. Your chance to hit and damage depends a little bit on your weapon, but mostly on skills and spells. You would have an OK hp/mp pool, but your damage would depend solely on your might stat and weapon base damage and hit bonus. If I were to guess, I would assume that your damage would top out around 30 damage per hit with a really good weapon. Considering that end-game monsters have 50-100 armor, your chance of hitting and killing them will be very low. Adding the fact that you don't have bodybuilding or armor skills, you will probably fail in the end-game.
For comparison, hour of power at master level and rank 7 alone would bump your damage and hit bonus by 33 in addition to hasting you.
So in conclusion, skills are definately important (same goes for later games in the series).