After a wipe, players who donated should get back either their donation or their money, then a small boost in rates for people to get back as much as they can as possible. Players who are more dedicated will get their things back in a matter of days while the ones who play off and on will only miss yet another small "event" just because they werent on.
People confuse fair with whatever gives someone else a higher advantage. There's no such thing as fair in any game, only because one more is more willing to work for their stuff while another prefers to complain. Wipes are hated by a lot of people, there's no doubt about that. Even where there are a lot of illegal items around, some people prefer not to have it. Instead of a full blown wipe, wouldnt a ban of those people and a small chain of those people be best? Or an item rollback. imo, item rollbacks are usually better than level roll backs. It just makes it easier to get something back.
If a GM wipes to attract more people, then s/he would probably lose some of his other players.
For me, I'll stay after one wipe. I'll play wiped servers. I will not continue to play if it has more than two wipes with me on it. It's be just the same as going to another server except with probably less people.