I heard one poster say that you could change 20% of your stats upon leveling. I have no idea how it actually works though.
If it works like it sounds, you can't go from one extreme to another quickly.
You are correct sir, though i'm not sure about the percentage.
You can reallocate at anytime, but you can't reallocate all your points.
For instance, if you had 100 points spread out among STR,DEX, and VIT, you can redistribute points to INT,MND, or PIE, but you won't be able to use all 100 points. I think it's closer to 50% than 20%, but i only did it once, so i'm not too sure.
Edit: SP Edited, Aug 20th 2010 10:35pm by Teneleven