It is, however, very viable in the argument for remove in terms of necessity. It simply is... not necessary. It isn't 2001 and this isn't d&d. It accomplishes nothing, and is a hindrance to new players. Taking it away would not affect you in the least, but would possibly (and I stress "possibly") gain the game some players.
No harm + help new players = Win
Really, what are is the valid argument here on the side of keeping it? So far, I've seen vets say things like "I like it," and "It doesn't bother me." If that is all it takes to keep something old, broken/unneeded, and headache inducing for the new folks... well... go to that Demon castle in Banor and say "death" to the servant. It is another relic from another time, that will change your mind. 
As for the idea of more of an "Ultima" question-based system... I think it is cool but might just end up with power-gamers knowing the correct answers. I would say random stats is the key. At level 10-15 you get a handful of random stats in areas specific to your race/class choice. I loved werebeasts for that very same reason. It might upset the power-gamers to not control every facet of their character, but Anume told me quite a long time ago that a good character should go with the flow. I have to agree with that. Take what chance gives you, and kick it with that.