IMO what they should do is allow you to re-spec your characters if you realize that you made a big mistake leveling up.
That's one aspect I liked about Titan Quest, you could re-distribute skill-points. There were some limitations - you couldn't redistribute your stat points (for HP, mana, and attributes) nor select different Masteries (skill sets). TQDefiler (3rd part program) can let you complete re-stat your character with no limitations - but this is done outside the game, not in-game.
There's one RPG I play, Warriors of the Lost Empire, and you can re-stat your character at the main base at any time, with no penalty. It is really handy, because as you level up your weapons, strength becomes less vital than it is when using unenchanted weapons. On the downside, I found myself investing in the same skills in the same amounts for all four characters. Still, they all play differently because the character class itself has modifiers that affect base attributes, and each class uses a different combat style. But, there aren't many skills to begin with, so it isn't really much of an issue.