It's CCP's desire to emulate LARPing (live-action roleplaying) as much as possible with World of Darkness, with plenty of metaplots running inside the game and without. Players will begin as a mortal human who can make the choice to become a kindred (vampire) or stay mortal for the duration of their characters' lives. There's a very real danger that characters might experience "final death" -- permadeath -- if they take too many risks. If you get in over your head, you can retreat to your character's Haven for safety.
The entire game will take place at night and on one server, and CCP is definitely aiming it toward the hardcore set. Nudity, gore, and insanity effects are all par for the course.
If players push outside of the acceptable boundaries too often, they'll lose "humanity" points and could become flagged for constant attack by other players and NPCs. Play your cards right and you may become the prince of the city. The game will change over time with dynamic events, and CCP promises that there will be real consequences for player decisions.
Look for our World of Darkness interview with CCP coming later this week.
[Thanks Pilgrim for the tip!]