Does anyone know how the spell "Reincarnate" works in this game?

I used some cheats to test this. (Getting a dead character was a little tricky.)

When Reincarnate is used to revive a dead character:
The character does not lose Constitution.
The character's race will change randomly. (I didn't get human in my tests, but I did get thri-kreen.)
The character's stats and class remain unchanged, even if they would be invalid for the new race.
Changing into a thri-kreen doesn't get you natural attacks until the next level up (or something else forces it to update), but you aren't forced to unequip anything. You can't equip anything a thri-kreen can't normally equip.

In case you are wondering, a half-giant preserver can reach level 15. (Tested with level up cheat.)

If you are willing to do a lot of reloading to get the race you want, there are likely some exploits that are possible this way.

Possible character building ideas:

1. Half-Giant Ranger (single or multi). Once you reach at least level 9, Reincarnate into another race; this should allow you to level up past level 12, and you won't lose the extra HP gained for being a half-giant.

2. If Reincarnating into Human is possible, how about Half-Giant Gladiator 13 -> Human, then dual-class? (It seems this isn't, however.)

Note that, if somebody reincarnates into a thri-kreen, the character's unarmed damage is messed up, and the character doesn't get proper thri-kreen AC. One level up will give the character the appropriate number of unarmed attacks, however.

One other side effect of reincarnating: After reincarnating a dual-class human, the level up cheat will raise her first class. Hence, it seems this lets you turn dual-class characters into multi-class characters. There's definitely exploit potential here.