Some of the interesting tidbits that we've learned include the fact that resting in inns is essential to leveling you up, enemies can and will attack specific parts of your body, the game has a pretty traditional skill tree, and you'll be unable to move if you exceed your carrying weight capacity.
Permadeath can happen only if your character meets several criteria: You've reached soul rank two or higher and you've failed two revive attempts in a row. Likewise, the game's free-for-all PvP might not be as harsh at it initially sounds. If you're killed in PvP, you have a much greater chance of being revived, and player killers (PKers) will become criminals who can have bounties placed on their heads.
If you're curious about Wizardry Online, why not read our hands-on with the title?