1. Am I going to enjoy my self if I can only play 2-3 days a week, and only 1-3 hours on those days? (other then weekends, when I can play 6-8 hours while the house is asleep

2. How's the PVP? I've read a lot about it, but its still not super clear. When I played Lineage 2, if someone was hunting in your area... you could straight up kill them, at the risk of losing items if you get killed your self afterwards. Is there any rewards to PvPing? like betting on duels and such? or item loss at death from pvp?
3. How does the party/guild system work for EXP? I'm looking to join with 3-4 of my friends who are all in the same basket as me... not much time. If we all get together on Tuesdays and Thursdays or something, is there an advantage to grouping up and killing things? or is soloing the best bet for fastest EXP?
4. Is there any advantage of being "Pure" in something... like maxed magic and no fighting? or visa versa?
5. Is there a way to "mess up" your character? Because we are new, we might not know what kills to take and so forth... Are we going to get 2 months into the game and realize we need to re make our characters because they suck?
EDIT: 6. Does your race mean anything?
Thanks for all the help in advance guys. I have already experienced first hand that this is one of the most understanding and helpful communities in ANY mmo that I have ever played.