I agree with petruchio's plan, and even agree with the proposed number of votes per level. I don't think that saints should be dropped to 20 votes though, and here's why. If the objective for lowering the max number of votes is to reduce reputation inflation, you're already accomplishing this by reducing the number of saints. Most of us don't even use all our votes in a given day anyway, but overall, reputation inflation will be kept in check by virtue of the fact that there are more levels between initiate and saint.
As for the proposal to add new levels, I'm convinced this is a good idea. I'd love to be able to level up once more, though the proposed structure wouldn't afford me that dangling carrot. Nevertheless, it seems like it would be fun for people to have additional "just for fun" goals past 3000xp.
I also want to voice disapproval of any negative-XP levels. Leveling up is a reward, and presumably to a troll, leveling down would be seen as such too. Let's not encourage them. I do support a proposal that got kicked around awhile back to remove something more than just voting privs. from negative XP individuals, of sufficient negativocity (new word). At -40, remove the ability to edit ones existing posts, and remove the ability to talk in CB (reading is fine). At -100, remove ability to read the CB too (but reading and writing nodes is still possible). At -200, remove posting any node. ...others may disagree, and I'm not 100% convinced, but it's just a thought.