I went onto Lamannia to test a greater reincarnation today, because I heard that all of your raid timers reset (which is true and also quite sad). I also noticed that you have turn in your favor rewards all over again and pay any plat/item prices again even though you get to keep your favor
What stuck out the most though is that wizards lose all spells. Now I'm not saying that collecting all the scrolls again and paying for materials is the end of the world, but lesser and greater reincarnations do not imply this at all and it is a significant reincarnation overhead. Given that players keep favor, items, and tomes this reads to me like a bug. It can take several weeks or more for some players to collect their scrolls.
Also, it seems a bit unfair to wizards as no other classes have this plat and time requirement tossed on top of their reincarnation. At the very least wizards should be given a scroll and inscription material for each spell in their spellbook before they reincarnate so they can be reinscribed. If we could actually buy new arcane scrolls on vendors when new spells are released that would certainly help...