Alright I try and see the good and bad in everything I have seen and read about this game so far and at this point I have few concerns and have been more amazed by each and every peice of information that is released. Now for all the people getting upset over the MP regen like others have posted it's only Alpha as well as they haven't released every bit of detail about abilites and spells maybe all the DoM get an ability that gives them MP or maybe they all get a Refresh spell maybe not that they would take it from WoW they have a spell that conjurers a drink that refills MP. There are so many things unknown about the game now that people get worked up over nothing. Now if the game was released and there was no ability, no spell to refresh or no way to get MP back easily then go ahead and rant and rave about it I know I would at that point.
Now for the Levels has anyone thought that when you switch from each Job you could allocate points for each job based on it's own level. So say your a Pugilist and you set points one way as soon as you switch to say Conjurer the points are set to the way you had set them for that Job previously when you played it. As for Physical level this could just be to show the time you have put in to the game as well as possibly the amount of abilites you are able to use. Weapon levels could be to learn weapon skills and weapons could have different abilities or spells attached to them that allow you to learn certain things after you have used that weapon for a period of time. Would make some spells/abilites harder to obtain if the weapon dropped from an NM or endgame event.
Also I haven't seen anyone post it yet but when it comes to the Physical Level, Job Level, and Weapon Level one of them would have to give you a level for the gear you wear. I think it would be Job Level myself but I'm sure they will have different armor sets that have to have levels on them otherwise you could wear the same stuff from start to end (even though other gear would have better stats attached and cost more). The levels could mean all kinds of things.
Final Fantasy XIV - Server:Rabanastre
Character:Azrael Sykksmoke - Phy.lvl. 11
Final Fantasy XI - Server:Remora
Sykksmoke 75 WAR, 75 PLD, 70 RDM, 60 NIN - Xorn 41 PLD (Retired)
World of Warcraft
Nobunaga 80 Warlock, Kale 80 Death Knight, Dais 80 Hunter
Mitsuhide 80 Paladin, Sykksmoke 80 Warrior
Anubis 80 Death Knight