I didn't bother reading the other posts because I'm fairly certain 1-2 are even near correct.
PVP is amazing, and very fast paced I did read one poster saying it wasn't, most battles last about a min max in 1v1's if they don't run away from you (chasing is fun too because you have to deal with a lot of elements like flight time/speed/dropping down and flying in time to not die - etc)
Yes, PVP at 25 (which is pretty much the minimum to REGULARLY pvp) sucks ass. When you hit 35 or higher it becomes a lot more fun, also there is PVP gear which is pretty much the best gear in the game. However to gain the pvp gear you must also PVE, so its not entirely one-sided. The PVE comes in the form of taking over fortresses located in the abyss. There are lvl 50 fortresses and lvl 35 fortresses, so basically starting at 35 you can start to join the battles in 40-man parties.
You can Also PVP solo or in groups, grouping is the preferred method and you can always find people to group with because each person you kill gains you points toward your PVP gear. However there ARE checks and balances, if you kill lower lvl players, you'll receive much lower points, right now I gain more points from killing a mob than I do a lvl 25 player. The checks and balances are far more in depth than just that but I still haven't explored that deep yet to be much of an expert.
I will say that the PVP is gear oriented, I've killed lvl 45's that have worse gear than me, and I've also been raped by lvl 30's who have nothing but Fabled items on (FYI, I'm a lvl 35 sorc which is pretty much Overpowered, and I'm a fairly good duelist). I did also read someone saying "You have to stand still to attack" well, no shit, if you're a sorc you stand still to incant your spell which gives the other person time to fly away, they balanced this with giving sorcs the ability to sleep/transform/root people in place while you cast, so if you're GOOD, this won't be a problem, however if you suck complete ass and expect someone to just stand there while they take dmg.... well I think you're just an idiot

Pretty much the PVP system is balanced, no class overpowers another too much HOWEVER Assassins/Sorcs are the top dps'r right now, after the update I'm not sure if Spirit Masters will take over the Sorc spot because by then, pets will fly and it'll be completely different pvp-world. Hopefully this answered some of your questions.
If you wish, take a look at these:
This person is EXTREMELY overgeared for pvp but you get the picture:
http://www.youtube.com/watch?v=P1KSM512chE 
direct link in case it doesn't embed
This post was edited by Zestro-theman on Oct 27 2009 10:41pm