Surprised nobody has mentioned it yet given how many references have been made to it..
If only you could export your Mids build into the game. Why reinvent the wheel? Mids already does the respec and let's you tweak your own build, look at another build, move something round, put it back again. Often whilst you're out of the game. It tells you what you can and can't do and also shows you all the set bonuses and where you messed up and ended up with too many of a given bonus.
I really don't like the respec system as it stands not just for all the reasons stated but you can pretty much guarantee you go off to do a respec and miss several offers of teams / get killed by a passing Rikti invasion / disconnect due to server maintenance. Maybe just me.
Plus at the end of it there's the 20 minutes of re-arranging all your powers and sometimes I've used a respec to spec out of SO's into IOs and so I have to wander round with no enhancements for a short while.