buffs and debuffs

Pretty much.

As for being Klingon, you will not be able to roll one until you play a Fed character up to level 6. And the Klingon side has much less PVE content compared to the Fed side. It is mainly a PVP faction, although they are slowly adding more Klingon PVE content. And so far, the Klingon faction and Fed faction is unable to team together. And it is more difficult to find a team to do the end-game STF's on the Klingon side.

If you want the Fed content, but want to be Klingon race, you CAN purchase it from the C-store. You will be a Federation Captain, but just be Klingon race (like Worf in the TV/movie series)

EDIT: btw, C-store items are on sale until Mon Jan 3

Stupid question probably will i be able to roll both fed and klingon.....because i dont mind pvp and i think i actually might enjoy the pvp aspect of this game more then others but i still love pve content as well

Yes. If you don't already know Klingons are unlocked when you reach Lieutenant 6 on the Fed side.

Unless you purchase more, you get 2 character slots to start, and unlock a 3rd (which can be used either Klingon or Fed) at level 6.