Quick question for someone who can't play LU... Do you get a theoretical total of 12 char slots, four for each server? Or is it four across all servers?
You can make 4 characters per account per regional server. In each of the four factions; sentinel, assembly, paradox and venture there are 2 classes (for instance venture classes are daredevil and buccaneer) so you have 4 minifigs per server that can have (currently) 2 sets of class clothes and gear. If you join one of the other regional servers (Storm=England, Overbuild=USA and Exeter=Germany) you can start over with 4 new minifigs (you can't take a minifig and it's stats with you to another region).
So to answer more than your question: Yes for those who play on multiple servers
