One character, all jobs - and you can change them on the go now, too, instead of having to run back to a mog house.

The supposed "8 hour" cap per week is there, but so far despite playing for about four times that amount already this week, I'm still getting experience on all my jobs.

Here's a good explanation of the system: YouTube - Final Fantasy XIV - Understanding the Fatigue System

So basically, if it recharges when you're not playing or when you're using passive mode (ie not fighting) or when you're using another class... are you really going to hit that cap? I'd count it as an achievement. xD