Will this game have freeform powersets, or will we all be stuck in one powerset? Can I create a suit of armor that can fire lasers and punch?

Depending on the Archetype and the actual sets you choose you may very well be able to create that.

The sets themselves are fixed in what powers they have and you will only be able to select one single primary and one single secondary set, so technically that makes two sets. Not exactly sure about tertiary sets but pretty sure we will be able to select several of them, though they will most likely be much smaller in "scope" compared to primary/secondary sets since their purpose is more to fill in gaps or round out a build/concept.

Well, hope there's a LOT of powersets, since one of my CO characters uses "gun-fu." Just saying.