It's called "New Character" - you find the option just before you jump in to game ;) (Some have been asking for race change etc.. in CO and STO for years ~ so don't hold your breath)
Didn't read my above posts did ya :P "all cryptic games" do not make you exit and log in again ~ STO has an option to drop back to character select. It's F2P so go try it ;)
Come to think of it, half the things we asked for in STO, we were told "it is in development for Neverwinter"... and yet, I do not see them in Neverwinter.... but we got it in STO.... hmmmmm Cryptic not wanting to own up that the players have better ideas than they do you think?? ;) lol
This I can answer, STO does have a button to drop back to character select, it wasn't there when the game came out and we had to moan like crazy to get it, and it still took 2 years to get it. So yes, STO does have it, and it has been a great thing to have. :)