theoldrepublic-online.com has a great article about alts in Star Wars: The Old Republic.
Assuming the feature is even implemented, I have more faith in BioWare than that. Indeed, we’ve already seen a “legacy character” system from BioWare previously in Mass Effect. ME handled the “legacy character” concept with the introduction of bonus talents. After playing your first character long enough to unlock some achievements for power use, subsequent characters could select one of the talents unlocked through those achievements for their character. As this system provides no additional talent points to spend on your new character, it’s a far cry from the power-stacking nightmare that concerned so many. If anything, the system provides an ambiguous power increase by allowing power combinations otherwise impossible by the class talent lists, but spreading talent points thinly could hamper a character as easily as it helps it. While any “legacy character” system in TOR might be very different than what we saw in ME, I think the example shows that BioWare’s collective mamas didn’t raise no fools. Regardless, if the rumor proves to be true, it will show that BioWare is encouraging the creation of alts.