Velious had a soft cap 50+ while Kunark had a hard cap. After you max out item AC for that level than add your natural AC + spells + agi and bonuses from gear you hard cap again depending on level. This is what i read in an earlier thread with a quote from the developers log by Kavhok, EQ Designer.
A level 28 should have a higher ATK than a level 23. The AC if capped would not start lowering the frequencies of maxes until the AC was closer or higher than the ATK rating of the mob. If each level raised your hard cap you should start to see less max hits. Thats is why i believe in the hard cap until Velious.
It was mentioned it was hard caped to help prevent twinking and trying to slow down the leveling rate as it was a concern.
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