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Oldtimer here who used to think MM3 was the best but I'm just now getting into 6 and it's GREAT. I'm starting to worry though: I'm level 15 and it's clear I have a long way to go. In MM4 I believe the level cap was 20. Please tell me it's a lot higher in 6? Also curious about 7 and 8, which I might now play. Thanks.
It's definitely higher in 6, much higher. I was gaining levels all the way until the end of the game. I don't remember how high the cap is exactly though.

Also I should point out that while the cap is 20 in MM4, when you combine it with MM5 you can go to the Darkside and gain levels up to 100 or something. The Xeen games are pretty awesome when combined.
I think I remember some characters at ~level 90, so I guess the minimal level cap (if there is any) should be at last lvl 99 or 100.
Cool, thanks fellas. Guess I have some breathing room then hehe.
Each training center has a limit of how high they can take your characters. Without looking it up, I can tell you that there are three In Might and Magic VI where I generally don't reach the limit before winning: Blackshire, Castle Ironfist, and Paradise Valley. One is limited to 100, one is limited to 200, and the other is unlimited. (Again, without looking it up, I think it goes Blackshire 100, paradise Valley 200, and Castle Ironfist unlimited, although the last two may be reversed). The only real level cap in the game is your own patience.

With the other two games my memory's a little fuzzier, but it usually depends on the level of the area you are in. In Might and Magic VII, I think your really high level training will be in the Pit and Celeste. In Might and Magic VIII, I remember the Isle of Regna seemed to have an unlimited training center. Again, no real level cap.

Sorry, there used to be a place I could supplement my memory by looking it up, but it seems the information has since been taken down. But with leveling you should have no problems. Once you're past the point where you have more experience than money to take advantage of it, you'll find it very easy to get to these training centers and pay the amount of money they charge.