thinking in PSO dimensions, i'd probably be like "WTF, i'd never reset my lvl 200 char to lvl 1", considering it took over 1000 hours to get there..
however, playing on a lvl 200 char is really no fun, because you gain nothing..
and since my skyly char, which is level 199 right now, still hasn't found the SJS, and i'd like to play on that char more, i'd actually welcome a function like that right now..

but since they've added AEXP in PSU, i think that's a much better way of gaining strength even after you've hit the level cap than starting over again, which includes doing all the low-lvl missions with no cool drops, etc..