Plain and simple, should Blizzard implement some form of account amnesty for banned accounts?
Obviously, if they did, there ought to be certain criteria.
-Have a different, active account with no offenses for 6+ months (prevents simply 'unbanning' an account. Person needs proof they are an active and responsible member of WoW community)
-Must purchase up to current updates on old account, or 1-2 months gameplay (a 'Fine' effectively)
EDIT: -Amnesty Account stripped of all gold and boe's, preventing duped item/gold to enter economy
EDIT2: -Further infractions on an Amnesty Account results in freezing of entire battle.net account and all games associated (?)
Sometimes people do stupid stuff. It happens. In the real world, we have a legal system that allows people to own up and make reparations.
EDIT: Heck, monetize it further. Instead of "Recruit a Friend"... Get a friend to play wow for 2-3+ months, and get an old account opened.