My 2 Sardil's for what they are worth, and with the obligatory warning/reminder that as a new player, I may have missed some basic design concept, part of server culture, etc.
From comments in the Discord and ingame, it seemed to me that when I created my first character it happened to be when some veterans also had created alts, and some new blood had come to the server as well, around the same time. Between that and the exploration my character did by himself (helped a lot by Stealth, but still always dangerous), he got to meet other characters, expand on his own story (and hopefully theirs too), get the GP for at least a few more RP items, and both he and I got to see some areas of the beautiful module.
Since at the time the Player List still showed levels, I had noticed most of the PCs he was interacting with reached level 3 a little before he did, and their players were now on alts. My own character hit level 3 and I kind of got the hint I should do the same (server culture and all that). At least to me, while I enjoyed creating the new character a lot, enjoy the character himself, and enjoyed the new round of PCs I was interacting with, I kept thinking I would rather be exploring more of the server with my first character, expanding his still very fresh story in TER while learning about the module myself. That was made hard IMHO by the fact that, even though the builders did a /great/ job using placeables and yellow text to warn us, exploring solo can be deadly, easily. A non crit from a Roper (yeah, placeables and yellow text, /now/ I know) nearly ended my character. Even with a party, at level 2, one beetle spit and he was down. I want to explore, I like the danger and low level and magic, but at least in my previous experiences, it worked better when characters consistently worked and progressed together.
I guess what I want to say is, I do feel a bit annoyed by the "No Reward, come back in a month" yellow text, but what makes me the most dubious about my being the kind of player that TER expects is the culture that the XP cap creates (at least IMHO). Which is play until you hit it, make an alt, rinse repeat. I am not judging the playstyle of people who do or enjoy that at all, it's just something I tend and prefer not to do.
Hope it helps in the discussion in any way, thanks.