Nah. If a user only has 1 post but 5,000 users have registered since they registered, that's as if they were a newbie with 5,000 posts. Like check
this guy, he only has 111 posts, but because he registered in early 2004, over 14,000 members have registered after him, making him level 75. As new members register, it increases the difference between your user ID and the newest user ID.
The number (Post count + (Latest Member ID - Their ID) is then used in the algorithm to determine the level. It's logarithmic, so it's very easy to make early levels, and much harder to make higher levels. We'll probably be in 2013 before somebody makes level 100.