I believe it was said that you get all your spells/discs and some decent gear, which I assume means defiant.
Personally, I'm gonna love the new server. I play EQ to mess around with different strategies/classes/etc. With the new server, I can reroll a new character with gear, a decent selection of abilities, and AAs to spend, and do whatever I want.
For example, I'd much rather spend 4 hours tweaking a macro to farm a tradeskill drop, or to automate a boring set of combines, or to turn one character into my main's extra minion than spend that same 4 hours grinding or raiding. I'm much more entertained by the strategy than the grind. And anywhere lower than level 50, there is no strategy. When your mains are 85, and you're powerleveling twinks up, the strategy starts even later, but lacking twinking or powerleveling, 51/50 is a fair cutoff for the entrance of strategy into the game.