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There is a vast amount of content. You could level several characters to the max, and not repeat anything. For each level range, there are multiple places to level in, multiple dungeons. There are also many different classes, not all being equal, so they play completely differently.
There is also a lot of content that is not fighting, ie crafting and harvesting, fishing, diplomacy. You could focus a character on diplomacy, and level to 50, without playing the "regular" game.
New development is slow, though. There are not very many developers assigned to Vanguard, and they are mostly focused on end-game encounters.
------------RIP City of Heroes. One of my favorite MMO's.
I played it for about 2 years, so my opinion might not be completely up to date. For the most part, the dev team is really small, so content updates are very few and far between in comparison to the new standard that games like Rift make.
But, at the same time, do not let this discourage you. The world of Vanguard is MASSIVE. It is one of the few games where after playing for 2ish years that I still haven't seen all the content. This was the last big game to come out that wasn't a themepark, so there are multiple paths with very cool areas to which you can level.
For a free game, you will be able to sink a ton of time into it and not feel limited in any way, unless, of course, you just want to rush to the end game content. But then again, no game really has longetivity if you do that.
My only suggestion would be to either try and get some friends to play with you, or get into a good guild. Since the majority of the cool content in that game is group content, if you are just looking to solo the entire time, you will be missing out.
All in all, an epic game that had a horrible launch, that I really enjoyed. It has it's problems, but it's definitely worth checking out since it should give you a good 6-12 months of gameplay since it has so much replayability and content.
Agree with the above, you could start new today and it would take you years to consume all the content.
For those of us that have played years, there is still new development underway, albeit not at a very fast rate. The game has seen a nice resurgence lately and the new dev teams seems very ambitious and attentive ot the the communities needs.
The current focus for the dev team is bug fixing and polish, for the most part. They are working on Pankhor Zhi as the next content release, which will be a 50+ area with everything from solo to raid content. Not sure when exaclty it's due though.
The next big update we're expecting is a completely re-written network layer for the engine, which should hopefully make things run much much smoother.
That said, Vanguard launched in 2007 with more available content than most games have after several expansions, and it has only gotten bigger over the years. You will not find a lack of things to do for a long time.