Yeah. The reincarnation system is the core fundamental that keeps a huge swath of the playerbase around.
I've played DDO off and on since it was released, but have never reincarnated myself. Doing so would be significant increases in power for my character, but running R10 dungeons with characters that have 30+ past-lives and outperforming them with my First-Life character has become a point of pride.
However, with all the upcoming changes I'm probably going to have to get over petty pride and take advantage of all the power I am leaving on the table.