Dungeons & Dragons Online has a similar "True Reincarnation" system.
Once your character reaches level 20, you can acquire a "True Druidic Heart of Wood", which you then use to "reincarnate" as a fresh level 1 character, changing anything you want except name and gender; certain permanent things like tomes carry over, although they may kick in gradually.
The first two times you do this, you get more points with which to buy your starting stats, and the XP you need to level up increases. EVERY time you TR, you gain a bonus "Past Life" feat for the class you had the most levels in, each of which gives you a minor bonus (fighter, for example, will give you +1 to attack rolls) that will stack with themselves up to 3 times each (ie, reincarnate from a fighter three times and you'll get a total of +3 to attack rolls). Having the "free" Past Life feat for a class also allowed you to take another feat "active" Past Life feat associated with your class.