Huh. You're right. I went ahead and fought the Dragon myself and only got around 75 levels or so. Tougher fight, less of a reward. I can dig it.
ACTUALLY
Let me just pull up arguably simple math (Arguably simple because this is that area of math that's not easy but not hard) for you.
Before the update, an enchant could take up to fifty levels and will reward you for using more with a better item. Gaining 100 levels means you could enchant EXACTLY TWO items.
After the update, an enchant takes up to thirty levels and rewards you the same exact way, just converted down. Gaining 75 levels means you could enchant up to three items if you came in with enough experience to get levels 76 through 90 as well.
In other words, it's not much and it's very vague, but it is a better reward regardless. :V I don't think it's worth the tougher fight unless you want to fight it for the sake of fighting it and in that case suit yourself, go ahead and die faster than you can say "pneumonoultramicroscopicsilicovolcanoconiosis".
If this is flippant, I apologize but that little tidbit, as little as it mattered, I just felt I should address it due to my internal need to have everything as correct as I can possibly make it. :V
Esupanitix
Correcting crap that doesn't matter at all since 2011