As I understand it...
You will be able to add your Factions key to your existing GW account and use your characters in Factions. At this point, Cantha becomes a place you can travel to and from via the map, so there's no opening and closing "versions" of the game.
I haven't heard anything about taking your assassin or ritualist to Tyria, but I seriously can't imagine why you wouldn't be able to.
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