No, pointless idea. Just start a new game.
There's this thing called fun. The OP would find it enjoyable to play the game with the items and abilities they have accrued from a previous play through. That alone debunks the notion that a new game+ feature would be pointless. And for the "just use the console" comments, not everyone has access to such functionality, being that not everyone plays TW3 on PC.You want to replay the game, only with all the elements of character progression stripped out? That doesn't make much sense to me.
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