While I'm posting this in the "official" thread, I thought I would bring it hear as well to gather all y'alls thoughts on it...
As the stated intentions of adding Epic True Reincarntaion into the game is to encourage people to spend more time running Epic quests, I believe the following will achieve that goal while still maintaining the spirit (and promises) of the existing True Reincarnation system; without unduly punishing -or offering undue advantage to- those who have already spent the time and effort of filling out their destiny map.
With Epic True Reincarnation, we are introducing a new completionist track: Epic Completionist. Using an Epic Heart of Wood will cause your Epic character to be reborn at level 1. ETR will wipe all heroic & epic level xp, as well as the xp of your chosen (active and "maxed") destiny. You receive both a class and a destiny past life feat from this process. All other (non-active) destinies will survive the ETR process. Epic True Reincarnation will be available to Iconic Heros, and will provide the appropriate Iconic past life in place of a class past life.
Iconic True Reincarnation will be blended with Heroic True Reincarnation. Just as Veteran status only applies to a standard "first life," so does an Iconics' starting at level 15. Upon (Epic or Heroic) True Reincarnation, Iconic Heros will start at level 1 and acquire the appropriate Iconic past life feat.
Both forms of True Reincarnation will reset quest completion counters as the standard True Reincarnation already does.
As the "Epic Advantage" seemed to be compensatory for loosing all "unbonded" destiny xp, under the above system that would no longer be happening, I would suggest scrapping that part of the idea.