Most Helpful Guy
Seems like you're dating!
Lets be honest, there is always someone who is more in love than the other in most relationships. Doesn't mean its bad its just whoever was attracted first or infatuated the most.
He doesn't want to be all lovey dovey all the time and wants a clear defining line of space. The dates/events you do to sound great and lovely and you should appreciate them for what they are, would they be as nice if you did it all the time, plus there is only so much free time available for that between working, sleeping and personal time.
His use of the word Babe and Sweet heart are as generic as rice. Babe in particular i find abhorrent and i shudder every time i hear it (everyone other than me seems to use it man to woman or woman to man). So i really wouldn't read much into it but it does save calling you by name and it is a very light term of endearment so that is also a good thing.
I'd chill out and give him at least 3-4 months before going up a relationship notch (that is quite slow) to the BF GF stage (maybe sooner). If you have already had sex then that too is a positive thing especially if you dont have sex every time you meet.
I Hope that helps1