The fact that they admit a level 50 can destroy a level 1 just confirms that the game is going to be trash tier online.
I wouldn't be so certain about the tournament mode, they're not going to spend all that time and money developing and marketing a feature and never have it showcased on tournaments and streams.
Also, it seems like items have rarity levels, which completely kills the idea of customizing your own character, everyone will want the best items, regardless of how ugly they look. The meta will set in a few days and its over as far as variety.