How good PVP it has?
It's subjective question and I have hard time answering it.
Does this game have full loot PVP?
Yes, while indiscriminately killing you has been made harder, everything you have equipped and in your inventory can be grabbed when you're KO'd.
Is there massive PVP?
Client performance is supposedly really bad once you get to certain amount of people, and unfortunately that amount isn't that high. Not sure how much the new rendering has improved this, since only the default client has the new rendering and nobody "good" at PvP will ever PvP with default client.