You have the option to reset a character if you want to redo the story line missions again. You keep your level, and your class level. You lose everything else though which kinda sucks. Just save it to another file and go from there.
Printable View
Pardon for the further question -
"Save it to another file..." One gets a choice to save that "New Game+" file to one of the other
character slots, if one is available?
Correct. When you complete the game, you'll see an option under the list of buttons while loading files (the one under the picture of your save point/character). Hit the Triangle button and it will detail you in on it.
Then it basically plays you through from the beginning. When you save, you save like any other way, pick a slot, save.
I was a lv49 AM lv2 when I finished the story. Rcsm's are broken what can I say.