Saying that such mechanic is a method in many games, you simply waste it and have nothing to do while recharging. Its like putting strings preventing a person who is dedicated, who enjoys the game and tries to get advantage in the game simply not to be able to.
Sure it can be in a balanced way, not easy to get but in my opinion will add more diversity. People who recently began playing don't stand a chance because the best ranking gets the best reward, killing the competition for half the people.
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But new players are being sent to newer servers, so everything is more equal. A new player will not get on a server form mid December or January since that gap would be way too big. If he is unlucky he will be one of the last being fed into a server and some people are already 40-50 levels (1 to max 2 weeks of play) ahead. This gap will be closed, however, once people hit the current level cap.