What exactly does a trait re-spec entail? Does that mean I am going to be able to reset my character entirely? Like redistribute points, pick new perks, and tag different skills? Or is it an appearance thing only?

It let you re-spec your traits so you can take the level capper if you wish.

I know that, but what does re-spec mean? Sry if it is a noob question, but I don't kno.

http://www.urbandictionary.com/define.php?term=respec