You definitely get loot, but no xp for killing mobs. You do get XP for killing each boss, completing the FP, and you should pick up the daily FP quest at the fleet.

I ran a FP once each day starting as soon as I was high enough level to be eligible for the next FP. That way you end up stockpiling orange gear with blue quality mods for about 4 levels, then you can put them on. I updated my gear with all blues every 4 levels doing this.