will i miss out on anything by staying on my old character in beta? can i play multiplayer? seems ladder is bugged but im not sure
That’s a great question! 
posting to look at the answers later.
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There is nothing exclusive to Cycle other than ladder and fresh start.
If you had character before 1.0 your character was moved to legacy. Its only new cycle wich have set rules same for legacy and cycle characters. Nothing new only for full game and all mods (cycle,legacy,offline,hc) is there new sets,weapons etc. Real and true changing cycle will came with 1.1 and there will be much more differences. This cycle is still like a test for fresh start it you want to continue with character with you had before feel free to continue until 1.1 than you can make new char for cycle
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What if I never want to make a cycle character? Can I just stay playing on my legacy character and just wait till the content comes to legacy?
Some content maybe will not came to legacy ever but who knows. I dont found clear answer on this from devs.