The list of stuff he started with includes 2 pocket items, four cosmetic items, five mounts, and nine cloaks, in addition to miscellaneous items like a writ of passage, Ithilden coins, and scented candles. I have my choice of 8 basic looks for my cloak (2 of the 9 are nearly identical):
One of these...
I can also pick between two different cosmetic outfits:
In addition, I'll get a slow horse at level 8 and four additional mounts as I level, a goat and three full speed horses at 20 (if I recall correctly). The horses are especially nice since they start with 200 hit points, 100 more than a normal mount, but 50 hit points less than a faction mount.
I'm certainly not complaining, it's actually a lot of fun to be able to customize new characters so heavily right out of the gate. Not having to use level 1 hobo gear for my appearance slots is very nice. However, I'm starting to wonder what else they can reasonably offer as pre-order bonuses that won't be unbalanced or completely redundant with what's in the game already. For newer players it's not much of an issue, I doubt a ton of players are getting 9 cloaks to pick from every time they roll a new 'toon. However, for old timers like me the amount of stuff you get with a new character is starting to border on the absurd, and much of it is definitely redundant.
All that said, Turbine seems to have found the Achilles heel of my wallet. I'll likely happily keep pre-ordering expansions for the random free stuff every single time I can.