Q's about character customization

One thing i'm really exited about in this game is character customization. From the screenshots posted by the devs it looks like there's a lot of options, but my question is how would you customize your character?

Would it be like Terreria with lots of pre-sets to cycle through, having armor and clothes you craft/buy, or would it be something like Minecraft where you have a character "shape" and you use paint/photoshop to edit the pixels, or would it be something completely different?

 

I hope you will be able to give your character unusual skin and hair colours, like green, orange etc. I never make a char with normal skin if i can help it.

 

Races, Different Heads, Maybe color control, and much more are to be added
~ John