No, most likely there will be a main story line with cut scenes and what not and they have said that they have improved it a whole bunch... but only time will tell. The level cap at 2.0 will be 50 still... so this story should take you from level 1 to 50 and will have a conclusion, but then there will still be things to do at endgame to keep you busy.
THEN expansion will come out that will increase the level cap, and offer a new story that takes you from level 50 to the new cap. This too will have an ending with added stuff to do and so on and so forth until the game shuts down (which will hopefully be years (provided 2.0 is awesome :P)).
So level cap will be raised just like it was raised in FFXI and new story will be added with each expansion.