There have been rumors floating around the Wizard101 community that Wizards who have reached the level caps will be "compensated" for their time in continuing to play the game. These rumors are unfounded and in a recent letter from Mr. Lincoln, the truth arises;
Hi there,
I'm sorry for any frustration! I'm sorry to say that the rumors are unfounded. While we do strive to keep the game enjoyable for everybody, even those who've reached the level cap, we aren't able to make any compensation for time spent at level 50. If it is any consolation, if we did award the experience retroactively, it would just put you that much closer to the new level cap when it's raised, and you'd be in the same boat in the new world! I'm sorry again for the frustration, but I hope this helps clear up any confusion!
Kind Regards, Mr. Lincoln Ravenwood School of Magical Arts
I have heard so much about this that I decided to find out myself. I appreciate Mr. Lincoln taking the time to clear this up and, if you run into anyone who continues to spread these rumors, please correct them lol. Enjoy the game as much as we do and I'll see you all in the new world and old ones.