Besides fun factor, are there any obvious advantages to having and leveling Alts? My ime is pretty limited and trying to not think about making an alt character, but if there are good benefits to having an alt, I’ll consider it.
Your team itself has a level.
The more high level characters in your team the more of an exp bonus you get for having a high team level.
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Really? 
Did not know this! Do you have a link to the details of this?
So, the benefit of having alts is that it becomes faster to make more alts! \o/
"2. A level system has been added to the Team Lodge. (TN: It’s easier to refer to this as a lodge level system)
- From lvl 2 and onwards you will gain 1% bonus per Lodge Level, This EXP Bonus also affects companions.
- The max level of the Team lodge is 50, You can gain up to 49% Additional experience. (Increases the EXP that is gained by the Companion.)
- From level 2 and onwards, the buff will show in your tool-tip."
The game is a copy & paste of Ktos except for this patch
Which nerfs some things (like dungeons). Everything else is the exact same as Ktos.
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Very good to know. Thanks 