In Wizard101 we have the ability to pretty much do the same thing. We buy back our training points from Mr. Lincoln and we can re-train all our secondary spells points in whatever we'd like.
But there is something exciting at the end of the rainbow in DDO that we don't have. In DDO there is an option for greater levels of reincarnation where you can add additional abilities to your character. Here's a quick quote to get you thinking in the right direction (just read it with Wizard101 in mind).
"True Reincarnation allows you a fresh start as a more powerful character. You must start at level 1 again, and it requires a little more XP to level from that point on, but you gain several attributes and may change more about your character than the other types of Reincarnation. It is an excellent choice if:
■ You’d like to upgrade a 28 point build to have more ability points
■ You’d like to change your race
■ You’d like to completely redo your character, including what class they are
■ You like prestige and recognition for your accomplishments
■ You’d like to gain extra perks for your character"
First of all, if this idea was to be introduced into Wizard101, it wouldn't be called reincarnation. I'm guessing that's too political in nature and since there's really no death (only defeat), it wouldn't really work out. For us it would have to be an option once you hit Legendary to "Invigorate your learning." It would be an opportunity to become a level 1 wizard again and return to school all over again.
Imagine if you got to start over, but based on your previous class you now had access to a special spell or two that only those who had "invigorated" could train? The first thing that comes to mind are the mutate spells, but I'm imagining the ability to create an epic version of a level 48 spell would just put it over the top: Epic Skeletal Dragon!!
Imagine gaining a couple extra training points for your decision as well!
Imagine getting the ability to visit the salon. Since it's a new you at school, you'd get to change your hair and starter clothes.
Imagine getting access to a special badge only available to those who have "invigorated."
Imagine getting to start over at Level one so you can play your character with a new friend that you've brought into the game without having to make a new character!
You know, it would totally take the sting away from when they release a world that isn't level 60+, and as an invigorated character, you'd want to explore it because yeah . . . maybe you'd need the experience from a Grizzleheim or a Candyland to make up for the extra experience needed as an "invigorated" character.
Personally I think it would be the most exciting thing to happen to this game in a long time. I think KingsIsle would keep all their old playerbase active and playing through different levels of their game.
Honestly, if this were available, done properly, and had a decent price tag, I'd jump on it faster than you can say "Merle's your uncle."