Twinking is a subject that evokes a lot of feeling in almost every game where it's possible. All of the attacks in this thread demonstrate that. Generally speaking, I agree with Blaquehaaart. There isn't any real skill in twinking if you're fighting same or lower level characters. It's basically a way of gearing out lower level alts to provide them with an advantage. In a game like the original EQ it was a way to powerlevel lower level alts in PvE or to win duels, in PvP games it's a way to give you an advantage over those other lower level players that just aren't geared out as well.

Does twinking automatically = win? Not necessarily, but it does give a significant advantage and that's really the point of it. Players may twink out for various other reasons, too, but the primary reason is to give them an advantage. Unfortunately, if twinking is common, then it can tend to overshadow regular PvP. For example, twinking may become so prevalent in certain level ranges that the only players who have any chance to compete have to be twinked and regular players basically avoid PvP. Instead of PvP being fun for everybody it then becomes relegated to a specific subset of players, which is a bad thing, in general.

Is twinking fun? Sure. Who wouldn't want to have their alts maxed out? Is it truly competitive? Only if you play against other players in your "power" range. I really liked how Dungeon Runners handled PvP. Instead of players being matched by level, they were matched by power level calculations based on their gear, skills, attributes, etc... It was entirely possible for a lower level player to outmatch a higher level player. That effectively let players twink out all they wanted, but still allowed matches to be competitive.