And once again, someone misunderstands what I say....
The point is, if you have played hundreds of hours on a person and you really want something that looks different, start another character. Hundreds of hours on one character is plenty of time to finish all the content in the game. This isn't an MMO where you are stuck with your character forever and thus you want to be able to change the look of the character because you will always have new content to keep you busy so you won't need a new character. This is a singleplayer game so it has finite content and thus if you've already finished all the content and you want a different looking character, instead of inexplicably transforming your character and taking development time out of the rest of the game to be able to change your character at any time, you can just start a new character which would be fun to do.
Why should I? Because you would? Because you want me to? The last character I played spent 150 hours in game and I finished half of the Dark Brotherhood. That's it. The average character lifespan for me in TES is about 1,000 or more hours. Not everyone is in it to powergame their way to leet weaponry and kewl armor and rush through the game. Why are you so opposed to people just enjoying themselves? Surely you could muster the willpower to avoid changing your face/race/gender. I don't at all understand how it could possibly cheapen your experience to learn "those dern Xboys are changing races!"
There is no additional coding required (providing showracemenu doesn't reset stats this time) as the functionality is built into the game. There does not need to be a lore justification if it's just a menu option. People really need to disassociate this idea with in game justifications. There is no lore justification for reloading saves after death. It's a matter of playability, and for some, appearances are as well.
I fail to see how making this an option could make a player's game experience quantifiably worse, but I can easily see how this could make a player's experience quantifiably better.
The only way I can see this worsening the experience of players is if they're the type to peruse the Nexus, down-voting those awful, awful lore breaking mods.