I'm not sure how this would really work. One reason has already been pointed out by Sleign: you are not just one adventurer among many, you'll also take on roles/positions that are fairly unique within the game-world. But there is an easy "fix" for this: just disallow sharing quest-related and unique items between saved games.
I think the more crucial problem is how to explain how your level 1 character has an awesome set of armour and weapons. Did your character just walk up to a chest in the middle of nowhere and find them? Did an NPC give them to your character? Did your character purchase them from a shop? Whichever option you go for, there's a problem. 1. Good loot is typically hidden behind tougher enemies - but how did your weak character get past them? 2. Why would an NPC give such awesome gear to your weak, unknown character? 3. Where did your character get the money? If you want to make it plausible that your character should have those items, it looks like your character had better already have a lot of stuff done in the game.
So it looks like a lot of restrictions would need to be placed on the sharing. Which items can be shared with which characters, and so on.
Unless you just go for a free-for-all and say to hell with immersion. Which is fine if you're happy with that way of going, and people who don't like the system won't use it. :shrug:
I'm pretty sure Todd said that Radiant Story will give you rewards appropiate for your characer. Well, im not pretty sure, I'm absolutely sure.
Supporting linkage and quotes or it never happened and you're talking out the wrong end of your digestive system.
This is from the podcast:
27:15 Radiant Story:
"We want to be careful to not oversell it. It's a tool that we use to make quests. We started the game by making them all very, very random/dynamic. You do see the holes in that. It doesn't tell a good story. Good stories are still told by good writers and we do most of our quests that way. Radiant Tool is the tool you use to make any quest. And you can make all of the roles in that quest, you can hand craft all of those roles, or you can take any part of the quest and conditionalize it. So what it allows us to do is to take parts of a quest or an activity, and conditionalize it, without having to hand script conditions.
Example: You come to town and there's a guy who has a child that's been kidnaped, and they're in a dungeon nearby. We can write that as a quest template, fill out the roles saying it's a guy in town who likes you, who has a child, and then the role for the location is a dungeon that fits this. We can pick a dungeon that you haven't been to for some reason that's nearby. You walk into town and the game just says 'Oh, there's a guy in town who likes you. We're going to kidnap his kid who you might have met, and put him in this dungeon for some reason you didn't go to. And that dungeon happens to be a higher level dungeon and so we think you could use a challenge right now. And the reward is going to be this other thing that your character can use.' Doing that before was impossible. But we have that opportunity right now, and so tend to be using it. The more dynamic quests tend to be like little favor things that people ask you to do, not full blown quests. But if you were to play a quest, it's very hard for you to tell. It's going to seem very hand-written. You'd really have to compare notes with friends to figure out the parts that that particular quest decided to make dynamic. Because some quests have no dynamic elements, and some quests have more."
"When we're going to send you to do something, we can tailor that, a bit to the things you've done."
http://www.gamesas.com/index.php?/topic/1164509-edited-transcript-of-the-gi-podcast/
That sounds a bit like loot/rewards will be tailored to your level.
(Note: there is a pointless dispute in the vicinity - whether this is due to "Radiant Story" or to "level scaling". Whatever you want to call it, it does look like there will be some loot or quest rewards scaling)
» Tue Jun 15, 2010 4:33 pm 
well, I don't write down everything I've heard, so I don't remember where I saw it. But, yeah, I'll get back to you when you're proven wrong. 
