The "play as any race in any faction" thing has a lot of people concerned, considering how heavily Zeni is pushing their factional PvP end-game. Lore aside, I'm not sure that it'd make much of a difference. The racial skills are all simple passive boosts as far as I've seen, so while min-maxers may be able to fully exploit those, they won't make a significant difference for the typical player, hence there wouldn't be a lot of difference between factions other than flavor. But if they're intending this as a cash shop perk as some people are speculating, it'd be a strange and not-good way for them to go (i.e. selling functionality in a pay2play game is bad).
A few things to add to Sensei's review: They've split weapon and class skills, i.e. anyone can be a healer by equipping a healing staff, etc. Class still matters a lot in how a character plays, but it doesn't completely pigeonhole that character into a single role. I think what they're trying for is a system that's supposed to add the versatility Guild Wars 2 was after but without destroying the trinity. Of course, in Elder Scrolls fashion, you still have to use each skill a lot to be any good at it, and getting quality equipment for multiple roles and constantly respecing adds cost, so it still takes effort to have a character that's good at many things. I don't know if I like it yet, but it sounds a lot better than grinding a whole new character because my guild is running low on a given class/role or because I want to try something different.
There's also a research system within the crafting system that let's characters learn how to apply various enchantments to the gear they make. It looks extremely grindy, complete with real-time countdowns that measure in days, but it'd be nice to have some say in what I craft rather than being stuck with boilerplate recipes.
Don't expect Elder Scrolls style magic. If you want destruction spells, you equip a destruction staff. Healing spells, healing staff. Soul Trap is an ability everyone knows. Some class abilities are spells. That's all there is to that.
The worrisome part is that there are still unimplemented systems so close to release, like player guilds and daedric invasions. I'm still more excited than not for this game, but they've yet to trigger my buy impulse, and I'm finding more things to be hesitant about with each news release.