So I heard rumors that everything in your storage (and anything not in your character's pockets) will go away when the Closed Beta is done: Please bring proof if it is or isn't true.

There's a really great quote, I can't find, about:

People don't get bored, people who say they are bored simply lack imagination, and are boring.

or something like that.

In the end I still scrambled to get the gear I want to keep before the beta shuts down and I can only hope what my brother heard was wrong and that they do mean everything and not just your levels since as many as you point out it doesn't really make sense.