Yes there are 5 mans that are only accessible at max level. Paths, shiphands, small instances called expeditions that drop from bosses that you can place in your house plot that any of your friends can run even if your offline. Challenges which pop up while questing. There is a max level zone/island with quests challenges daily's etc. PvP has arena, battlegrounds, war plots WPVP etc. Everything WoW has besides raiding plus a lot more content WoW doesn't have or is in the process of implementing for WoD. Remember these people made vanilla WoW and now have over 70 blizzard employees and some of the original blizzard north team.
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No racials at least not like in wow that give + stats boost.