There are three kinds of Reincarnation now:
1. Change stats, skills, feats, appearance.
2. Change stats, skills, feats, appearance, and 32 point builds.
3. Change stats, skills, feats, appearance, levels, 34 point builds, taller, snazzy colors, and Past Life feats.
There is a large gap between what is provided by type 2 and 3, so there is room to usefully add a 4th kind between them:
3.5: Change stats, skills, feats, appearance, 32 point builds, and levels.
That's so simple and logical I can't think of what else to say. What baffles me is why Turbine isn't offering a Reincarnation option for someone who wants to change a level or two but doesn't feel a need for 34 point builds and Past Life feats. Any ideas?