let's cut through the bullshit on each side.
WOW: easy, fast to level in, with all the challenging gameplay waiting at level 60. relatively well-balanced (any class can solo effectively) but still needs some work with a few classes. missing a couple big features of the game (hero classes, pvp battlegrounds and the pvp reward system). appeals to casual gamers who like the concept of MMORPGs (big open worlds to explore and so on) but don't like how slow a lot of them feel. geared somewhere between pvp and pve (killing monsters) right now, but when battlegrounds are added will probably be more of a pvp MMO like DAOC.
EQ2: much slower leveling, but has class progressions so you may wind up feeling as if you actually do improve more with each level. looks to be empty on really high level content, but with the game's pace it will probably be put in before most players can reach it anyway. not quite as much of a solo game as WOW but not the required-grouping level treadmill of the original EQ. appeals to the more "hardcore" MMORPG people who want to spend a lot of time playing a single character, and want to build that character. no pvp at all so the content is purely beating monsters.
edit: added in which group each game is probably trying to appeal to.