Hokay since nobody's given a detailed reply (though I kinda can't blame them..) and while I've not much interest in it myself.. =.=
A form of PVP is due for implementation in the v2.1 update through the Wolves Den, around.. oh.. November. Ish. This will be a 4v4 system wherein people can either go in as a party or use something akin to the duty finder for random grouping if they want, with rewards for performance and abilities rebalanced for PVP instead of trying to change PVE abilities to fit PVP.
Yoshida has also said that there will, probably, be 1v1 PVP duels, but it'll be a lower priority and probably limited to the housing areas as more of a 'for fun' thing given it'd be too hard to balance it for meaningful rewards and so.
Finally, there is a formally announced mass PVP system called Frontlines. This /will/ be an open world combat system, but only within zones specifically for Frontlines. It will have its own rewards, its own systems, and is intended for entire grand companies to compete for rewards and resources with such large systems as summoning a full on primal once a week. But that is a long way off. Formally announced and planned, but not scheduled.
There.


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