I haven't played EQ2, but WoW is awesome as hell. The game runs really well all of the time, which is very important to me. As well as that, the game looks absolutely fantastic. No other MMORPG that I've seen, in-game or screenshots, has the incredible artistic styling of Warcraft. EQ2 looks graphically good, but bland. It's hard to describe, but the world is just so varied, always interesting, always fun to investigate. The models, animations, sounds, spell effects, etc (as opposed to ect) are all the best I've seen in any game like this. Basically everything about the game just seems right; well thought out, well implemented.
Give it a shot.
Edit: I didn't say anything about the gameplay
. The gameplay is the best part! I spent about 5-6 hours today in a group of 5, doing Elite quests in an instanced dungeon in Blackfathom Deeps, and damn it's fun. Elite mobs are creatures that are much more powerful for their level than regular mobs, and unless you are quite a few levels over the mobs, you won't be able to survive there on your own. So you have to find a group of players who fit together well (healers, tanks, damage dealers or whatever mix you want), keep together and duke it out against the mobs. Ahh man, I can't wait to get back to doing that quest again... We died at what I imagine was near the end, and then people had to leave.