Yes, this is the system that was in place at the start of 1.0... and many people hated it.
Personally, I was okay with it and think it was designed to encourage specialization... i.e. growing your character in a way that you wanted.
But people hated feeling gimped by having stats in the wrong area, and it was seen as simply hindering gameplay.
We could re-assign a few points every few days, and I remember people in our LS saying that we had to wait another few days to do this-or-that content so they could re-assign their stats properly. They would refuse to go until their points were properly assigned.
