The Daily Grind: How much retcon is too much retcon?

Things are changing in the MMO world. Back in the day, if you rolled a Druid in EverQuest that had all their points in Dexterity, you were stuck with it. You either re-rolled the character altogether, or you were always balancing buffs and looking for things to help increase your utility. And that wasn't even just in EverQuest - that was pretty much all of the early MMOs! Nowadays, if you don't like how your character looks in City of Heroes? Pop by and let the fashion designers make you over. Hate your initial traits from generation in EVE Online? Use your Neural Remap. Decided that fighting for the Alliance no longer does it for you in World of Warcraft? Change over to the Horde and Frost Shock people to death.

With all that said, how much change is too much? As someone with a role-player background, when I create a character, I generate them with a certain personality and story in mind. Some things would fit, like changing outfits or hair, sure. But changing races mid-run? That seems strange to me. And while I can totally understand changing sides, I still don't understand changing sides without learning the language of the other side like we used to in EverQuest. It kills the potential back-story fun you can have. (Turning traitor, anyone?) But perhaps I'm just an old pen & paper geek waving her cane around on the lawn again. As such, I come to you – how much retcon for characters is too much? Are we sacrificing story and role-play fun in pursuit of making games easier and easier and easier?