My first high level char was a cleric. I was more than a bit astounded when this "tactic" was explained to me in Von6. I did it as the newbie in the room and it ****ed me off to no end. I've refused to do it every time since when asked.
In my area there is exactly 1 internet provider that will give me a good connection. (cable only, DSL sux, I'm lucky to get 300K) If they fail..well they fail... A 30 second disconnect from them, a 30 second power outage, or windows misbehaving and making me reboot should not end an hour of play time for me and disadvantage my party.
Also the fact that it only sends you to the wavecrest sometimes means either the "feature" is bugged or the reconnect is bugged. Either way, the devs need to fix it. For example yesterday I DC'd for a couple minutes in Shroud2 and I reappeared where I had DC'd only without buffs (now that's odd)