are there going to be competitive aspects to this or is it going to be more like 2nd life?
Characters are mortal (2-3 years real-time max, and may die young for variety of reasons).
When you are alive, and latest when you die, you get scored in many ways.
There is no one way to win the game, everyone can progress in whatever path they have chosen, or several of them.
It is possible to take part in challenging each other in games and tournaments, but eg. stealing and military conquest of other characters' lands is not possible.
The economic aspect of the game is very pronounced, with characters possible to possess huge fortunes in ingame items, including "gold" which pays dividends, collected from tax income.