I wouldn't be much against this for existing, veteran players who have already leveled up multiple characters. Running through the storyline a 4th, time, or more, can get boring for a lot of people. That being said, learning a new class should be complex enough that you WANT to level up the character.
Giving new people the ability to buy a new character 10 levels below cap is an attempt to capture more people who really aren't interested in playing an MMO"RP"G anyway. No thanks SOE, and I'll cancel my existing account now.