PvE: I didn't get to do any instanced dungeon content, but questing is a very unique experience. It combines getting quests from quest givers, and stumbling upon "world events" that anyone can participate in. My very first world event was where a giant frost worm burst out of the ground. Everyone who was in the zone flooded to it to destroy it, which took quite a bit of time. It's comparable to rifts in Rift, but with much more variation and excitement. Also, taking away the need for a tank and healer makes the game much better. The holy trinity is finally gone, and I honestly won't miss it.
PvP: The builds that you can make are much more complex than with other MMO's, but besides that, instanced PvP is pretty much the same thing that it is in any other MMO. Where this game shines though is in WPvP. Putting servers up against each other to participate in siege warfare, with all that that entails. It's a lot to explain here, but after doing it for 3 days, this is what will make this game's PvP truly great.
So what were your opinions/hopes/thoughts on the game?