Level Respecing is as simple as respecing a feat. You made a wrong choice and now you want to "fix" your mistake. However fixing your mistake is going to cost you, a possible material like a Dragonshard for example and a sum of plat. For every level you wish to respec, you will need another possible material and more plat.
In my opinion this is a great idea because since the beginning of the game things in DDO have been changing and things have been changed. For example say that Paladin level you took to use a wand or possibly for an aura bonus or that fighter level you took on your rogue so he/she could wear full plate while still evading those traps. Maybe your pure class but you would like to benefit from another class like 2 ranger for twf.
There is never a set plan of information to level 20 so you can never know what is going to happen. Who knows exactly what is coming in the future? Not everything can be implemented and maybe that fighter level you took on your character may be the worst mistake you've made and now you cant get that uber feat or enhancement later on.
You might say, ok well just reroll your toon and get on with the game. But my argument is that myself and some friends have been playing since the start. The characters have tomes and raid loots all put into them. Why should i have to give that up just because the game decides to change its mind halfway through and leave us out in the cold? You might say but its only 1 level or even 2. Sure but i play the game for fun and to enjoy myself after a long day. I wouldnt be enjoying myself as much if i always felt a little gimped because of the choice i made which turbine decided to change 1 year later.
It even benefits those newcomers to DDO. When i first started i had half as much idea then as i do now. On my very first character i screwed many things up like his feats and his leveling and yes i did reroll only because he was level 8 and at the time level 10 being the cap. He had no raid loot and was in my opinion, a terrible toon. If i had the chance to change his feats and levels perhaps that character would still be around.
My point is that with all the changes that occur in DDO i believe its reasonable that we should be allowed to re-adjust our characters so they we can make our characters exactly how we would like them.
Just my 2 cents,
Riminy