Yup, Level 50 would be the cap and all Pokemon above that are adjusted down accordingly. ^_^
@BlowOverKing
You can put as much or as little time into EVs/IVs/Egg Hatching/Egg Moves/Etc. as you want to. It's all about what you want to accomplish and what sort of team you want. Let me know if you'd like to participate. :D
@ConeyG
No. No he didn't. >:(
Although as a former master yourself, you're always welcome to join.