There is a PVP system in place, although I haven't had a chance to test it out. It appears geared towards high-level characters within guilds, and is described as primarily a battlefield/raid scenario.
The standard currency is gold, and this is where the “free to play” quickly shows its colors. You need gold for EVERYTHING, and LOTS OF IT! For example, crafting a better weapon than something that is vendor bought can easily cost 500,000 gold. That's not a typo, and that price is for a second tier player level. The costs for even higher level players is simply astronomical. In other words, you can certainly play the game for as long as you want for free, but if you want to be a powergamer in Ys, be prepared to shell out some cash to get enough gold for the high-end stuff. Don't fool yourself. Ys is meant to be a profit generator for the investors. Like other Key to Play games, you can also purchase Key Points online to trade in for special items for your characters, such as weapons, mounts, and YS Gold other uber gear.
Although the game is in open beta, it's curiously lacking in lore, which makes it somewhat difficult to become engrossed in a storyline, since there doesn't seem to be one beyond “some bad guys did something bad and now we have to fight back”. Also, the quests seem few and far between. Anyone who's used to advancing through the ranks by following quest chains will be sorely disappointed if this beta is an accurate representation of what the finished game is meant to be. You'll be grinding a lot of mobs to level up, and without a mount, you'll be spending a lot of time running through trash mobs to get to the level-appropriate stuff.
Ys is definitely one of the prettiest free-to-play games out there. It's satisfying enough to keep you playing, especially if you love a challenge, but can be rather mystifying and frustrating due to its lack of storyline, quest depth, and overall high cost of attaining a truly powerful character.
