Speaking of respecs. It's definitely a balance issue that you can be anything at any time, when needed. Undead everywhere - respec into a Light Cleric. Need to smash a boss? Respec into a great weapon Paladin or Fighter.
But most of all it just destroys the credibility of the game world. It completely changes the atmosphere of the entire game when your character building choices don't mean anything. I respecced my level 12 PC to various different classes and multiclasses, and now I don't really feel like actually playing those classes at all.