First, a non-answer on the crafting system implied that they’ll have something that uses the function of crafting, but isn’t specifically crafting per se. It will be interesting to see how Funcom innovates this area of gameplay, especially since Funcom is quite known for innovation.
Second, the lack of levels has people curious how the game will keep people engaged. Ragnar, in two different questions, revealed several different systems that will easily take the place of levels, such as an experience system and achievements. There will also be a point system relating to the secret societies. I can easily see how an experience system will replace a leveling system. All one needs to do is look to Asheron’s Call and Anarchy Online to see how levels can be made obsolete, while character development would remain a crucial part of gameplay.
There’s more information on lore and other systems in the game, so be sure to read the entire thing.