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There is a very informative thread in the CoS official forum about how much content there is going to be. It also talks again about the great story driven quests (read pen and paper) that will be available. You can read through it here.
I will summarize by using a couple quotes from the thread.
"As to content, our systems are like nothing that has ever been released, nor set to release that we are aware of. With our TrueQuesting system, you could play the same quest 10 times and have it be different almost every time, and not in minor ways. However we plan to have around 100 quests at launch, along with a myriad of other Game Play elements (Adventures, Crisis, League Actions, The Shadow Arena, Monster Hunting, Player Run Theatres, Campaigns....and more..).
And, just a reminder, a quest is set up to take approximately 14-20 hours of gameplay to complete. (100 quests X 14 = 1400 hours, or 58 straight days of gameplay if you do NOTHING but quest)
It is safe for us to say that content will not be a problem with CoS."
"If, somehow, you managed to outpace us (and we don't want that to happen, but hey, you're the pizza guy) then the system will have tracked when you got certain quests, and start giving you newly generated versions of the oldest ones in your file. Of course, these will be processed through our TrueQuesting module for severe alterations. They will be QUITE different. This gives us confidence that we will have fun content for you to play, even if you are that 1% of the players getting pizzas under the door."
Like what you read about CoS? Support their Kickstarter! @ http://www.kickstarter.com/projects/mmomagic/citadel-of-sorcery-mmorpg