I think so, there is also a gold to gem exchange with pretty fair prices, most things in the store seem to be minipets, town outfits (like a chef's hat), and experience boosts (but you gain experience fast anyways).

Can everything be earned and bought with in-game currency? or is a lot of content locked by money? I have been thinking of getting this game.. it LOOKS awesome!

Probably a 8.5. Not a fan of animation style combat and there are a ton of moneysinks in the game, but for an MMO with no sub, this game is awesome.

Rate game according to scale of 10, 10 being "best game ever."