People say there are diminishing returns but I feel like they aren't so diminished that maxing it isn't where you want to be at 60. That being said, unless you are high-end raid geared and I mean better than Illusionist's armor, you will need to compromise in different situations. This means carrying multiple pieces of gear for many slots. Even if cha above 200 does nothing for charm, lowering your chance of a critical resist of pacify by any amount is useful in certain scenarios.
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