This is the one class I've been waiting for to emerge in DDO. As being a devout V 2.0 PnP campaigner, it is (if given a free hand) the most unassuming powerful class in the game.
Why PnP DM's restrict the class: Simple, they can overpower a campaign. As most older "modules" have an outdoors setting, Druids were used to "police" those areas while others went into the dungeon. If given enough time to prepare that area, a Druid could enchant the area, thus making it part of his "sacred grove"
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Shape-shifting: Originally, only real "earth born" animals were allowed, but as the game progressed, other magical based creatures emerged, and became part of the Druids Handbook. A perfect example is the Centaur. Give that race the ability to shape-shift, AND have casting abilities would reek havoc in the out-of-doors. Most DM's restricted the types and "times per day" a Druid could shift, if not, each encounter would result in a player ruining the campaign.
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Weapons: Druids could use anything that was related to reaping or harvesting, "Scythe" "Sickle" which now aligns itself to our "Kopesh". And mostly never took an enchanted one from found or gained loot. They made their own! However, wood, bone & stone weps were the exception to that rule.
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Armor: Nothing metal. Not even Mithral.
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Spells: It started they were allowed all Cleric based, with the exception of turn undead. That has changed with paths & specialization of the class.
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I'm not professing to be an expert on Druids. Im going by what I've learned over an extensive PnP background. And have read up on, but not played them in V 3.0 & newer rule sets.
Given the weapons we already have in-game, and the armor (finally time to start keeping padded leather ) The introduction of the Druid should be one of the best releases we've seen.
From what I've managed to hear from the rumor mill (same one that gave me a FR heads up a while ago) once the shape shifting issue is resolved, this class will be a perfect fit for DDO.