I am personally of the opinion that you should be able to change ACs, let alone just respec within one AC. Here is why:
This game is about STORY; fully narrated, engrossing STORY. It is bad enough that there are so many shared questing areas between classes/factions that all of the side quests get repeated, but I am personally willing to deal with it to experience the class specific STORY.
Once you reach max level, there is only so much content, but one of the things that many people enjoy is experimenting with different specs. Personally I am leveling a Power Tech currently, but I already kind of want to try Mercenary, just to see how it is. You know what I am not doing though; playing through the EXACT SAME STORY all the way to 50 just to try it. I can't think many people will want to do this.
It would be different if the class specific story branched off completely at the point where you choose your AC. Since it doesn't, you are forced to pretty much do the exact same thing for 50 levels just to try out the other AC, and that is just ridiculous.
You should be able to re-spec (For a reasonable cost), including changing your AC...