Just about anything you see in a WWE show you'll be able to do in the game. Backstage interviews, run-ins, and (of course) plenty of wrestling action.
Success and experience will be very familiar. XP is awarded for matches and some other things you do during a show. Levelling looks like you'd expect it to (feats, skills, etc.). You'll also see a rise in your reputation, which can affect how wrestlers and other personalities react to you.
The official book setting is the WWE as you see it today. There are plans to put out some info on some of the past stars, like Hogan and Andre. But if you don't mind making some characters, which is a snap, you could make your own roster for your own promotion. I'm planning on using a mix of current stars and some originals my players and I make up. I know one of the other playtesters is hoping to have an ECW netbook done shortly after the game releases.
I haven't heard anything about a living campaign for it, but I'd be up for it. Maybe have a big tournament at GenCon and send the winner home with a belt.
I don't think there's any (thankfully) mention of the XFL. Of course, it wouldn't be any trouble to introduce a character that is a former XFL player who's come to the WWE to cause trouble for Mr. Mac.
![Devious :] :]](http://www.enworld.org/forum/images/smilies/devious.png)