I agree - the loss of character data and lorebook info is sad to see. It's one of the reasons I come to lotro.com, even with much of the lorebook info being out of date. Like one poster above, I had hoped to go the other direction and have more accurate/up-to-date information in the lorebook to make it a more useful tool.
Am I going to stop playing the game? Definitely not. Will I visit the forums as often? Definitely not.
This would be one of those things that feedback from the upcoming player council would be interesting to hear.