No, that is not going to happen. PK will only be allowed in certain special places, like an arena or a colosseum, as it is stated in the FAQ. For this reason, no one will be able to attack another player (that is why a 1 person against 20 player controlled bandits is out of the question). For the same reason, I don\'t think stealing will be implemented, since we would not have a way to avoid being stolen or to get our stolen item back (at least we won\'t be able to steal from players, I think). Finally, bounty hunting won\'t happen (how will you capture or kill a criminal if you can\'t even attack him?). What I mean with this is that perhaps we can\'t hunt down a player criminal, but I am sure there will be plenty of NPC criminals to fight against.
Still, there can be some sort of player created quests (like in Spartan\'s example), although I don\'t think the game would think of them as quests but as normal events.