I think it would be really cool if it were like an MMO with perma-death. Throughout life you gain experience, so to speak, by achieving things, helping others, etc.
When you die, you are allowed to make a new character. Depending on what "level" you are (which is dependent on how much experience you have, and how many cycles you have gone through) you can choose different attributes for your next character. Intellect, looks, personability, starting region, family stability, etc. High levels mean you get more points to put into different attributes.