Nope, no CD-key involved in installing the game. All you have to do is register an account and you're good to go. They don't require billing info so you're not at risk of paying for something you don't want.

If you wish to purchase additional content or features, a system similar to what Bioware, XBox, Wii, etc. is incorporated where you purchase points and then spend them on whatever you want. Not to mention you build a small amount of these points by performing in-game "deeds" which give 5-10 points each for completion.

Anyway, give it a try. It'd be great to see more EoFF members in the game.