It will have PvE, it's just limited to The Depths.
So, if you are going to play, might be worth waiting a month or two after launch and then just pick the most dominant side on a given server, thus increasing your odds that The Depths will be open to you. That said, we don't yet know the scope of The Depths, the PvE might be really minimal.
CSE hasn't yet revealed details on how realms gain entrance to The Depths. People often make an assumption based on how Darkness Falls worked in DAOC that the most powerful realm will also control The Depths the most time in CU. I'm not sure that's how it will actually work though. In fact I hope it's not.
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DAOC Live (inactive): R11 Cleric R11 Druid R11 Minstrel R9 Eldritch R6 Sorc R6 Scout R6 Healer