Taking away people's EXP gain is a huge no-no for many people, same regarding for skills but perhaps less so, players are already limited in their playtime, but having the game limit your progressions is very demotivating, you must also think of when a player dies, he will not get his experience and skills back within three hours unless putting in more effort on the player's behalf and also the loss in resources.. Who will play I reckon..
I can tell you that players won't play longer than a week on such a server since it doesn't respect their time in the long run.
Equalizing the playfield regarding time invested also really isn't the devs problem to deal with, but the players, you cannot ever please all the 16 years old that go to school, together with the 30 year old people with families, impossible to create a MMORPG with that mindset, better to create a linear story-based server for if you want everyone to progress at the same speed.