I couldn't find the exact release date, but I've read that it's going to be this August.
From their presentation at FanFest, DUST 514 is designed to have similar elements that we have in EVE. That means it rewards players who think, those who strategize. The developer always emphasizes realism in EVE, and very likely that will be true for DUST as well.
What we know about the gameplay is sketchy. But among other things that are speculated, is that you are tied to EVE's economy. So in other FPS games, you can be mindless and suicidal because of unlimited respawns. In DUST, you have a limited number of expensive clones per military operation.
This will give you a more realistic experience of combat. You will get scared. Your heart will be pumping hard, because you've got something to lose.
But when you do win in DUST, you know that you just change the political landscape of EVE. An alliance of 2000 pilots just lost a planetary resource because of you, slowing down their capital ship production, paralyzing their sovereignty in nearby solar systems.
So they will be back. They will hire another band of DUST mercenaries to take the planet back from you. You better be ready when they arrive