I don't think you can customize your looks, but from the videos i have seen there have been a lot of different weapons in them. And i think i've seen different armors, but those might be preorder only.
It seems not to be a short adventure and the game environments look various,so I think that monsters and quests will give you rewards such as items and enhancement.Anyone knows more?
About the appearence customization,I didn't though that the two main characters appearence seem to be predefined