It's from the PnP 3.5 rules. Before crafting, there wasn't really an official name for it in DDO, since it was largely meaningless. So I'm used to using that term.
In PnP, price is the primary limiting factor of items (other than a few other limitations for non-epic items). So, various enchantments come with a price modifier associated with them. In DDO, however, ML is the primary limiter of item power, but DDO uses the same BPMs as PnP does, just turns them into MLs. It also determines base price, but noone really cares much about that here.
Yeah, that probably makes more sense. Only issue I see is confusing Enchantment Level with Enhancement Bonus.EL would make more sense to me if we were using an acronym describe shard levels.
MEL for the level of a craftable blank...After all that is pulled right from the item description.