I'm part of a forum where we are trying to figure it all out.
So far -
- no benefit on the console game for a high level online game character, although the number does show up in your figure info. Online level goes up to 50!
- if you update your online figure with the a level 10 character with a hat on, it appears to give a stat boost, perhaps up to 5 points worth of stat points on the online game. Stats on the online game make you better at doing just about everything. Some games remain pure skill
I have a level 50 Stump Smash and he can herd sheep like gangbusters and bash open treasure chests like they're paper bags.