Definitely enemies. I believe the quests will possibly be limited. If I recall, I remember Wass saying in a dev stream (was in July, so it may be outdated now) that they may have the first 2-3 pearl crew members ready. I may be wrong, but that's what I remember.
Practically everything that POTCO had, all islands, all mini-games, all enemies(land and sea), guilds crews etc. And I'm pretty sure there are chickens somehwere
Q: What is going to be in Beta?
A: Beta will start out with land and sea enemies, questing, and much more! Throughout Beta we will implement every feature that POTCO had.