Just to give you an idea what to expect, the Beta 1 we're playing now has very little graphics, gameplay, AI, lore, etc - we're really just testing to see if it can run without crashing. Although the gameplay has improved a lot during Beta 1, it's starting to show promise and actually be fun, it's still a very long way from finished. Beta 2 will be similar but multiplayer, really just to test if we can all connect and play each other without crashing, it's only supposed to last two weeks. We don't get the real graphics or serious gameplay/balance testing until Beta 3, the game isn't supposed to be "fun" until then.
By the way: beta schedule with more details.