Yes. 1.0 is very different in terms of progression (though they reeled it back a bit from the way it was going to be initially) and there are a decent number of changes to the game. Prestiges don't get wiped though. I don't know specifically why everything needs to be wiped, but the game has a lot of major and minor changes if you try out the 1.0 Test Server.
Most weapons and equipment no longer get unlocked as you level, except the base versions of weapons. Now you need to earn a certain amount of XP while using a weapon to unlock each of its variants. Initially, rather than just earning XP, in 1.0 you were required to performed specific challenges (like kill x number of whatevers while holding this weapon), but no-one liked that.
So, the new system is better? Or will this make it harder?