All of you have a good point, that changing AC is like changing class in other MMORPG. But we are not talking about other games here, we are talking about SWTOR and it's kinda different than others that I have experience with, let me show you what I mean.
In SWTOR the story/RP part plays a big role, changing class, will change the whole story, but if you change AC, the story stays same. Your playstyle will change, but basic abilities stay the same. So in the end it's very different than changing class.
Let me remind you that I am NOT suggesting that you can change your AC whenever you want, but I suggest that you could have the possibility to change it limited times (once or twice).
This game is different, the story plays a big role for many players, and I guess not too many out there want to read the same book again and spend time and money for it, just because they chose the wrong option at the beginning of the journey.
Real Jedi would be mercifull, Sith wouldn't