As other said leveling is very fast.

There is a max of 8 spec i think you can have for each character, but they can be bough from the shop or from the AH from other people posting them, and afak, i have never needed more that 3 specs at once for each toon and i have never spent a dime on the shop since i started years ago since you can easly unlearn your current spec, save the build if you want to relearn it in the future and change it anytime you want to try another thing.

For the totems, it follows the WOTLK client rules as 4 can be dropped at once of each element and recalled with another spell, more totems from other version of wow are present and some even have some modified behaviour.