All of the above are true -- however: There is a 100% offline mode, and the Beamdog client doesn't have to be running when you run the game (and there is no advantage of having it running, either -- no "Stream overlay", for example), and you don't have to use cloud saves.
There hasn't been an explicit promise that there will not be day-0 DLC, but I'd be shocked if this was the case -- the devs have their hands full simply trying to get the product out the door. Tablets will have day-0 DLC, but that content is included in the PC version, and this was done to reduce the base price on tablets.
Mmmh. The beamdog client is the bigger issue for me. I hope that it will come to gog sooner or later.