You are now able to carry more. Instead of your total strength (with boosts from items), your maximum carryable weight is your total strength (with boosts from items) PLUS your level. So if you are level 30 with a strength of 110 and an item with +2 strength, you can carry a total weight of 142 now (you used to be able to carry 112.)
PLEASE NOTE that item weight pickup calculations are done in each individual bit of coding... picking things up, buying items, trading items, getting items from the banks, receiving items through "give", etc... so it is possible I MISSED one somewhere.
If you notice any bugs pertaining to this change please post them in the bugs forum immediately... this includes being able to pick up too much as well as not being able to pick up as much as you should be able to.