i wouldn't mind the wipe persay but i would want to keep my character. you could simply reset all characters to the state at which they were in when they were generated. everyting could be zeroed and than the character traits and life events can be reapplied. you would have a brand new character while keeping your name and appearance?
the biggest issue i see with a wipe is the potential for identity theft. people stealing names just because they hit the character generator first. i wouldn't want to get an error that my character already exists because some jerk wants to steal the name. i think that wiping stats and inventory should be more than enough to constitute a wipe and maby even reset character apearances to default and allow people to change that. but i belive you should be able to keep a placeholder so you can recreate the same character you lost.
going on that what i would like to see happen, is before the wipe, one of the devs takes the time to write down every email address, and character name, match them, and if sombodies name is stolen, report to a developer, and they can just check the email adress being used, since you cant start an account without logging into the email first,