Well man you can call bullshit if you want too, however you and i both know its not true.
It is true. I had a good friend In EQ that had atleast 5 level 50+ characters on one account.
I don't know how involved you got in EQ, but I've met many people with multiple 50+ characters on one account. I, for one, was one of them. I had 3 level 50+ characters on my account and a few 30s and 40s in the mix.
Raydude -- It depends on the style of play. A casual gamer might not have any problem deleting a character and starting over. But when I played EQ, I was part of one of the "uber" guilds. People valued all of their characters. If something happened to that character (Items lost, corpse lost, many back to back deaths, character some how deleted), they tend to get very pissed off.
Some people grow attached to their characters, just simply deleting them and starting over isn't an option for everyone.
Also, maxing out a character hardly means there aren't anymore goals. In EQ, there are still countless high end mobs to be raided, and many people enjoy doing that. In DAOC, there's tons of PVP to participate in.
That's why people put such an emphasis on the end game in an MMO. So that when they max out, they have plenty of stuff to do. Not everyone gets a kick out of leveling their characters and would rather just get to the end of the leveling. A lot of times, the real fun doesn't even begin until you max out. Atleast for me, anyways. The level grind is just a huge obstacle to overcome to get to the fun. Leveling is only so much fun, even if you have good friends to do it with.