In this older screenshot, the player has clicked on the Short Sword in their inventory, bringing up its stats window.
There are three separate attack speeds: Slow, Normal, and Fast. As you can see, the attack speed for this particular weapon is Fast. Attack speed is based solely upon the weapon; character stats have no impact on attack speed for weapons.
Like Diablo or WoW, the name of the weapon indicates the type of stat bonuses it gives when equipped (although it is important to note that the names will not be anything like "Short Sword of Thought" in the final release). This short sword is suited for characters focused primarily on magic instead of combat, and is a fairly low level item.
The color of the item also indicates its rarity (I've already discussed this in a previous entry). Blue (Enchanted) items such as this one are the lowest level of rarity, and drop fairly often.
1. Is it possible to give a rough guesstimate at the number of attacks each speed do in a period of time?
2. I looked back through all the previous entries and was unable to find any discussion on the rarity ranks of items. What I did see was Normal (Black), Blue (Enchanted) and Gold? (Legendary). Anymore ranks besides these?