Ah yes, Dregs. Here's how I imagine Dregs working, based on things I've heard ACE mention and my own thoughts on the matter.
I think the current campaign system (the faction system) should be a sort of "beginner zone" or even a "recruiting zone" if you will. In these campaigns a new player will be able to learn the game, try out different classes, and perhaps find a group of people they enjoy playing with. These are more laid back campaigns and serve simply as a gateway to the meat of the game, which is the Dregs.
What I imagine is that the guilds will be dropped in their own little corner of the map and would scramble to gather resources to build a structure to protect their "flag" or their "alter" or whatever it is. This item is essentially the life force of your guild. Your goal is to protect your item while trying to break or steal the item from opposing guilds. If you are successful in taking or breaking this item, then the guild to which it belonged is either out of the game, or, if the guild leader is willing, can pledge allegiance to the victorious guild. This would prolong their time in the campaign and hopefully earn them a portion of the reward, even if its a small portion, perhaps according to a contract struck between the guilds. The victorious guild would seize control of all items owned by the losing guild. Of course, this could lead to deceit and betrayal, but hey, that's just politics. Eventually, one guild will become the victor and be able to divide the spoils of war as they please. This way, people could play as they please. They could play as pure mercenaries, bending the knee to the highest payer. They could play as crafters, promising gear in exchange for protection. They could play as barbarians, raiding and pillaging to their delight, leaving none alive and stealing all in their wake.
Of course, I realize that the dregs is probably already planned out, and its very unlikely it would play out this way. It seems that the vision of the game is getting skewed due to a high degree of execution difficulty. I'm not a developer so I really don't know what I'm talking about. It just seems to me that the team is intent on taking the easy road rather than develop their core vision, which is a politically driven throne war simulator.