The bit about the story growing over time seems to confirm what we were discussing weeks/months ago about episodic content and DLC increasing the playable areas and extending the story.
A Connected Universe – Destiny is more than a disc in a drive, it is a persistent online universe filled with other players. As the story grows and expands over time, so do the destinations you can access, the activities you experience, and the rewards you can earn.
And this bit about visual customisation seems to confirm that you will be able to alter your appearance in some way.
Adventure Awaits – Personalize and upgrade every aspect of how you look and fight with an expansive combination of armor, weapons, and visual customizations. Take it all with you into every mode, including Destiny’s story, competitive multiplayer, and public combat destinations. Return to The City, Destiny’s third person social space to rearm and repair before going out on your next adventure.