To clear this up once and for all, I've added a few bold words. Let me once again point out that this official patch only allows your FOLLOWERS to level up after YOU reach level 50. This change was made due to the way the game handles follower level advancement: the level cap also stopped followers from leveling up after you reached level 50. To make sure followers could also reach level 50, this change was made. It still doesn't allow the player character to level up beyond 50. All clear now? Good.
You can ofcourse skip to download the patch and just check what the 1074-patch from Sierra does by go to http://arcanum.sierra.com/, and visit the support-section for details surrounding the update. Quote: "...By popular demand, you can continue to gain experience at level 50. At the point where you would normally advance to the next level, you will remain at 50 but any followers will level up. Then you are reset to level 50 and can continue to advance. In this way, you can eventually level all followers to 50, no matter what their level when they joined you...."