1. CEP is very flawed in my opinion, for the reasons you stated, and the fact battles are going to be 100-200 people, AND they only expect at max 3 commanders to get that? Yeah... great system, really...
2. You can make a new character, but as you said, your right, it is pretty pointless, but same as CS.
3. Same as CS, but I still played it for a long time.
4. Remember, half of us are the MMORPGers too, I did that routine thousands of times in DAoC, so I will be able to handle it here.
5. Again, MMORPGers know this already, and I have done so for DAoC already.
Basically it has the best of a FPS and RPG, but the worst as well.
I really think the biggest mistake is the monthly fee, unless it is under like, $5, the fee may outweigh the plusses of the game.