Rare count being reduced would reduce the overall amount of Characters out there. Which is fine by all means, but some of us need more than one to keep the flame alive and not get bored on our 'mains.' So, if some players can't play three decked toons(or competitively geared as we say now), they may just ditch one or two characters.
Personally I think there are enough rare items out there that if one thing isn't in, you can find a comparable one somewhere else. This is not ALWAYS true, but usually. If people stop playing some toons as my above theory explains, it would be the norm.
Who out there is currently unkillable?
Going back to the good old days would be considered 'trashy PK' by 95% of our pbase.
I think players are allowed to have TOO many characters, personally. You even said yourself that you had a Tribunal Leader, Knight Elder, and a bard. I've seen all three of these characters in god suits. Personally, I think its bullshit. I don't think you should be allowed to hold onto equipment like that. Now, this is in no way YOUR fault, as you are just playing by the rules we are given, but it does take away from the game when you have 3 characters that each have 2 rings of accuracy. Now we don't have any. Great.
If you are bored of a character then delete that character. Don't keep a character around just because you achieved a specific position. I think a true player knows when his character has lived its life or run its course. I think the player base can see that as well, just not as quickly.