Hello Barl,
Yes, it's Coins + 1 item loot + PvP points (more complex than the empire's ones)
Depending of your points, you will gain PvP Grades.
PvE wise, the world is like it was pre-kunark with an exception... Cazic Thule wich is closed for the moment.
The progression system is intra-classic only and concerns 17 locked dungeons that you will have to unlock.
With that, there is a dungeon's control system that allows any guild to own a dungeon for two hours. Note: the only places where the exping is faster is in theses dungeons.
Finally, you will can find more infos on the website
Later,
Mag