I've heard also that guilds are account based and are cross faction.
IMO, all the guild info I've heard is rather confusing. I'm not new to MMO's but I see the multiple guild membership as pulling players in multiple and some times opposing directions.
I have the perspective that a guild might have a focus but will always have other facets in which it's members can participate in the game.
On that note, I've heard it mentioned that there's going to be a 300 guild member limitation, so i see that being the reason for multiple guild memberships (as in a single group of players having diff guilds to concentrate on certain aspects of the game; crafting, pve, pvp and such).
I primarily have played WoW, so I'm used to Hoard and Alliance being separated at least on the same server. Recently they removed that restriction and that boggled my mind. I liked the separation of faction, I made the idea of a faction more 'real' to me. But on the same hand Ragmar, I feel your pain. If I can't convince any friends to join EP then I guess I'll see them on the other end of my blade :P