God of War: Ascension is getting a large 1.04 update sometime this month, with several gameplay adjustments and bug fixes. Chief among the changes will be new "Elite Levels," which will will raise the cap from level 30 to level 40. The update will also add new items, relics, and ultimate magic to make the extra levels worthwhile.
The PlayStation Blog detailed the new level cap along with other additions and fixes. You'll be able to see your stats and accomplishments from the main menu for easier tracking. The update will also improve matchmaking optimization, fix audio issues, and fix a shard issue that would prevent players from getting the Spear of Destiny and Barbarian Hammer. It will retune the shard drops for some rare weapons as well.