Yes, I'd really like to know more about how combat works before taking the time to download it.
Where is it on a scale between WoW-like and Oblivion-like?
I think it would be somewhere in between but closer to Oblivion/Elderscrolls series/Fallout3.
Combat is a mix of fps (or 3rd person shooter if you like that better, you can do either 1st or 3rd person and change with the mouse scrollwheel or a button) and your regular mmo abilities. All skills have abilities and stances linked to them which you can learn from books you acquire from trainers. You start with a prime mutation that gives you a few basic powers (shock, heal self, etc) and 3 prime mutation stances which you can use once every 30 mins and last 10 minutes each, so you can actually have mutation stances up all the time. After a certain level you can join a faction and acquire 3 more mutations with more powers as well, but that doesn't mean you stop getting abilities from skills, you can still get and make use of those.
Even non-combat and support skills have nice abilities that can help others during combat, such as the social skills that help you with prices, let you demoralize opponents, taunt or boost morale. There's also a tactics skills that open up certain equipment and team wide stances (can only have one up per team) that give bonus to the team members who are close to you. The main weapon skills (melee, rifles, pistols) also have stances and abilities. Even the armor skill that allows you to wear better armor has abilities that boost your armor for a while for example.
So yeah, basically you can customize your character from the ground up and just because someone is high level it doesn't mean they will be better than you in a certain combat area, it all depends on your skills, abilities and equipment, not just your level.
As far as combat goes, you pretty much go fps/3rdps and use your abilities like in a regular mmo. A nice mix. To my experience, it's also easy to kill stuff that's higher level than you, but the problem is usually getting mobbed. It seems to me that, in pvp, even tho I haven't done any yet, if you get mobbed, even if by lower level people, it's prolly real bad, so working as a group seems to be important.