Check out the Wiz 8 forum here to get a feel for how the players like the game, if you like. I started it but stopped playing when the mix of scifi and medieval became too much for my tastes.
(I do not like my crpg genre mixed!)
Resetting adventures, done in the computer options screen, will allow you to restart W&W with all your characters and most of their stuff. Items that will disappear are items needed for quests, such as the Lich's staff. Otherwise, you keep most everything. Your characters' history of previous classes will be wiped clean and the game will only recognize their current class. This is nice if you didn't quite develop your Paladin before changing them to a Samurai.
Have fun!!
Wyv