Cryptic and Perfect World are throwing open Neverwinter's beta doors on April 30th. A joint press release states that there will be no character wipes or play restrictions after the open beta period begins.
If you can't wait until the end of the month to get your free-to-play Forgotten Realms MMO fix, you can become a Neverwinter Founder and take part in the 60-hour Beta Weekend 4 that starts on April 12th. Founders will get first crack at the game's profession system and may opt to pursue leatherworking, platesmithing, mailsmithing, or leadership.
[Source: Perfect World press release]