Out of curiosity, is it possible to hit a button and switch between two equipped Weapon Sets ala Diablo 2? For instance, first guy I make is gonna be Legolas from LOTR-no question, so I want to be able to switch from dual daggers/knives/short swords to a bow rather quickly. Any knowledge on that?

You could do that in the Infinity Engine games (a long time before Diablo 2 ;)), and if the D&D rules still allows multiple weapons, then weapon switcing will be there. But you probably can't carry a shield and a bow at the same time.

I don't think he means that...

There will not be a button to switch between sets of weapons, but you can add them to the quickbar keys and switch that way.
So for example F1 is the bow and F2 is the short sword in the primary hand and F3 is the dagger in the secondary hand.

For the quick weapon change, I believe that the Quick Draw feat will fit, however I'm not sure if that also goes for switching from dual wielding to ranged and back. In BG2 this was impossible, in NWN it should be possible. I play a ranger that dual wields Long Sword and Short Sword.... and also switches often to bow... But it is indeed an interesting question on wich I have no certain answer. I hope somebody else does... else you have to ask that on the Bioware Boards ;)