Apparently this is gonna be a real thing, 'cause you can play it now. If you have an invite, anyway. Presumably it won’t be too much longer until a real beta begins.
I downloaded it, played the little intro bit. It’s still a preview with rough edges, certainly, but it does look pretty. I’m not gonna spend the time on it to get past the early levels, but just from the intro it appears to be heavy on the crafting with some PvP stuff for endgame.