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I have six characters. Healer/tank/dps for my main faction (EP), one bank mule, and one solo in each of the other two factions (they're handy for cross-faction guild trades and such).
I've already levelled my healer/dps, currently working on my DC alt. AD is next, then the tank.
I LOVE alts in MMOs, but I feel like I'd be punished for playing one in ESO with the Champion System. If that system worked from level 1, so playing through other faction's zones with alts also contributed to account-wide Champion Points, then that would be awesome (Kind of like SWTOR's Legacy system)! But since they are only earned after level 50, I'm much better off playing through those other zones with my main, and would be missing out on those points (and therefore getting left behind in PVP viability) if I enjoyed that content with a new character and a new class.
I have Alts, but after seeing the content they should experience "new" via Cadwells I have no motivation whatsoever to play them.
The quest content in ESO is nothing special, so the only way to have replayability is the "newness" of playing another faction; which is ruined by Cadwells.
Another own-goal by Zeni IMO.
All The Best
Those memories come back to haunt me, they haunt me like a curse.
Is a dream a lie if it don't come true, or is it something worse.