1) Is it heavily instanced?
No, 90% seamless.
2) Can I own my own boat?
This isn't a pirates game lol.
3) Is there FFA PvP?
Explained here.
4) Can I own my own house and decorate it?
Probably, in expansions.
5) Are there classes, or can I do anything I want depending on my skills (like the old UO system)?
There are classes, but you can use other classes skills thanks to the stygma system.
6) Is there 100% corpse looting?
No.
7) Are there levels, or is there a skill-point system?
There are levels.
8) Economy: Is there an "auctionhouse" style system like in WoW, or can we make our own local economies with vendors, etc?
Both ways.
9) Is it gear-dependant?
To a certain point, it is. But it has quite a few strategic ways to counter gear.
10) Do I have to subject myself to guilds to raid and get gear?
No, you can achieve gear through long quests and through pvp, its, obviously, easier if you have a guild.
11) Do players actually travel from point A to point B, or is there some sort of "instant travel" spell to avoid chance-encounters in the world?
There are scripted flight teleports, and your own wings, plus transformations to make it faster.
12) AI: Do monsters have the ability to roam around the world, or are they stuck in one small area forever?
Since the game is levels based, low level mobs should stick in low level zones, and high level mobs in high level zones.
13) Crafting: Will crafters be able to make things that are better than loot drops, or will all players just do instances forever to gear up?
3 kinds of gear: One through crafting, another through raiding and another through pvp. All of them are good. Again, there are almost no instances in this game, and most of the good gear is obtained in the FFA pvp area.
14) Quests: Do we have to do quests to advance in the game, or is it a sandbox where we can do what we want?
There are a pair of ways to level up, quests, mobs grind, pvp, resource gathering and raids, probably some more at release.
Thanks,
- Phos