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To an extent. There will be spells and abilities and such, which can be upgraded. And there's an inventory, although it resembles what you might find in an adventure game more than an RPG, so you won't be able to customize your characters equipment or anything like that.
It's good to hear that you're getting close to making Wc3:WoW fully compatible with v1.24. Can't wait to start work on the new trailer!
I am not exactly sure what the camera is going to be used, but at the moment it is jut the default warcraft 3 camera, just locked onto the hero. I may implement a system later on though that allows the player to switch between the default warcraft 3 camera and a third person camera, or perhaps a system which allows the player to change the camera using the arrow keys.