yes your right

though there are power charms and armor charms you can get
and later in the game you can get buff items like demon drugs and mega juice (through combination)

That is correct, this game is based on skill, watching your enemy, waiting to strike. Of course you already know this because your playing the game.
Not that I don't like level based RPGs.

For this reason, it has near unlimited replay value. You don't get max level and oneshot everything like in some RPGs.

quote Marooned Chic

_{Gosh. I don't know when I'll improve then. =\}

Haha I know how you feel. Rathalos used to be to most difficult monster I could ever imagine, could never beat him. Now, he's a cakewalk.