the big appeal of MMORPGs to me is the persistancy of the game world....
I know its early footage but that pvp he show cased looked kinda crappy too.
my thoughts: just what the world needs, another semi decent at best, mmorpg.
TheLazyPeon is new to the game, it is much more complicated than just resetting after few months - but the video would last half an hour if he was to explain everything in detail, and I doubt he took time to learn everything in depth. Veeeeery briefly, the universe is extremely complex - with parts (servers with thousands of players) being removed/replaced from time to time, while some parts / servers are permanent - and even this is very short and skimpy description.
Speaking of combat, it would be good to compare this with some pre-alpha AAAs - problem is that we are often not even aware of their existence in so early phase, not to mention combat footage.
You are right about PvP, the game will have as much PvE as, say, EVE Online. So buyers beware =)