Limited is no better then Constructed. In Constructed, you can experiment and lose. In Limited, you can't experiment at all. It's like poker - a game of evaluation. Only good when you're drunk, and the stakes are insane.
The solution is clear - flat, FLAT power level. It is hard, because ANY card significantly better then the cap is not just an A card, but also a source of a dominant deck and a format ruinator. But there is no easy way of creating a balanced game with 1000 moving parts.
We've now had at least two blocks where experimenting in Limited was doable, and even profitable at the beginning of the format. I still remember fondly decking people with
Fleeting Memories, and playing a sealed pool with
Aethersquall Ancient, two
Dynavolt Tower,
Aetherworks Marvel, and tons of red removal. The whole Vehicle thing was a big experiment in evaluation and deck construction, spawned a lot of debate, provided some valuable new insights into Limited play. At first, everybody was enthusing about RW aggro vehicles being the thing to beat in draft; then BW was the big dog; then people started winning with classic control decks featuring
Minister of Inquiries as the win condition. Even now, with Kaladesh limited more or less explored, people still manage to draft and win queues with surprising decks.
Which brings me to your second point. A flat power level would kill the game in short order. The exploration of a new Limited format is why I play the game. Evaluation is an essential skill for Limited Magic, but it's a very different game than poker. In poker, you play the players, not the cards; in Magic, you draft to your strengths, thus raising the power level of all decks at the table, and making life interesting.