First of all here is a Cinematic Trailer you should check out first
Actual Gameplay Video here:
This game looks pretty cool. I didn't like the first guild wars one bit so hopefully this will be different...at least it can't get any worse lol. They have not set a release date and to quote what they put on the site:
When it's finished. Guild Wars 2 is the largest project ArenaNet® has ever undertaken, and we want to make sure we take the time to do it right.That's the way all new MMO's should be done because I find that they release it on a certain date no more than a week later I need to download this huge patch to fix a numerous amount of bugs that should have been tested in the first place.
The game is not going to be pay per month. You just download it and play which is a system becoming more popular. Its definitely one to check out.
Also note that at the top of their site, You can sign up for the news letter :)