Yep, actually did a feat respec the other day on my bear shaman, moving from Spirit to Wrath for leveling before I spec back at 50 for the stamina regen. Costs seem to scale up quickly, but I have no idea past the second respec and whether or not there is a final cap on respec costs. I'd assume there is, though. Each city has a trainer who'll reset your feats. I used the one in Old Tarantia, she stands right at the bottom of the stairs to the Temple of Mitra (I think that's what it is. Anyway, big stairs that aren't the library).
First respec was 50 copper, second respec cost will be 2 silver, 75 copper. I'm guessing the cost will end up similar to WoW, i.e. not something you want to do every day, but cheap enough that you can experiment when you want to.