As long as it doesn't impede the gameplay, I'm for it.
It would be a good thing to anchor your character deeper into the world. The most important flaw of MMO characters is that the world has no impact on them (And frequently, they have no impact on the world). Yes, you choose and build your character like you want, but you don't control everything in the world.
Make a mistake and you might get injured...you can lost one of your comrade, one of your mount, etc...
But you'd have to tie it to choices so that not everyone would have the same results.
