As I understand it, you will be able to apply for a CD key at
http://eqemu.org/login/ . As I beleive that is what we're changing to be the key creation system. Then you'll take that key and startup EQ and go to "New Account" in the "Accounts" area. So then you pretty much follow the steps you have there, and we're gonna have you give us a "CDKey" instead of your CC number, but I think that we know how to change what everything is so it might say this is where you put your key =).
Anyways, you will see more as it gets closer to release.