Hey, I just wanted to address the WvW side of PvP in GW2 since the answers you have gotten so far are pretty much exclusive to sPvP. My answers are based off of the current situation in tier 1.
-How balanced is the PvP in its current state?(Are some classes blatantly superior)
GW2 is balanced around sPvP, not WvW. That being said, the WvW meta is consistent and balanced for the most part.
-Since gear apparently does not matter in PvP in this game(based on the video I watched), what exactly separates a good player from a bad player. If I get into a 1v1 engagement with a player in WvWvW how exactly can I out play my opponent? GW2 seems to have less skills to use as opposed to other MMOs. Is it just generally which ever person gets the jump on the other? Or is there a large window to out play people?
Gear and level does matter in WvW. However, exotic equipment is easy to get and is basically all you need since the next tier up is only like a 5% stat increase. As other people have said, there is a skill cap, both for individuals and for commanders leading groups, and outplays will happen.
-Is there an over saturation of people playing one class? Are there a million rangers as opposed to 100 mesmers so to speak?
People will play what they want for the most part in sPvP but in WvW, (at least in tier 1) people are encouraged to bring meta classes such as guardians, eles, nercos, and sometime warriors.
-How do Warriors/Necros fair in PvP and what exactly do they bring to the table? I am looking to figure out what I want to play and so far those two stick out the most...In WoW I played Affliction Warlock/Ret Pally, SwtoR was a Burn Sentinel, TERA was a Berserker, and ESO was a Templar(If that helps anyway with what kind of characters I enjoy playing)
In WvW, necro well trains are the meta for damage. Warriors are only relevant for their elite skill banner as guardians do everything warriors do better.
-How important is crafting in this game and how profitable is it?
Crafting is the easiest way of getting and gear armor and weapons. I can be profitable depending on the item you're crafting.
-Does Light/Medium/Heavy armor function like it does in regular MMOs?
Sort of. Other people can probably answer this question better than me.