Limit's are much, MUCH, more powerful than they were originally, which is why getting the best limits takes a much longer time. It's roughly made so that you get 2-2 ( and 2-3 ) limits when you're at the end of CD1
Each level has 3 limits
1-3 for example is the same limit as 2-1. It has the same power and everything but limit level 1 obviously allows you to get faster limit. The same is true for 2-3 which is actually 3-1. And if you love grinding you can grind level 3 limits until you unlock 3-3 which is actually the level 4 limit. Cloud for example could get Omnislash as his 3-3 Limit