It’s the former.

Surprise!

We won’t be streaming any of the test session ourselves but players are more than welcome to make videos, screenshots, and streams from their experience.

You do not need any free slots. Testlive uses its own character slots.

You need to setup a testlive client though to access the test

This is the intended behaviour. It is not possible to login right now

Fire up Testlive and find out tonight, or wait until further information is released!