I've been playing EQ2 because I needed something to do until Calatacsym comes out (I just cannot SAY that word.... Cala... Clat... Calaca.... Hell I dunno if I even spelled it right, what a clumsy word!).
I'm really not sure why EQ2 isn't more popular. It's really a pretty fine game. Good mechanics, fun to play characters, not too ugly (it's no Aion, but acceptable).
The raids are fun. There is plenty of solo content as well as group content. You can easily mentor down all by yourself and go back to do quests you missed for extra Acheivement points and experience.
Really, the game covers all worlds. Raiders, soloers, casual players, over acheivers.
I think one of the problems is that there has never been much in the way of advertising and promotion. They have a rare "free weekend" and an even rarer "double xp weekend". I never get email from Sony about EQ2. They have managed to package all of the expansions into one dvd and it's reasonably priced, so that's good. And they do have a Refer a friend program, but I believe most people use it for second (third, fourth, ect) accounts.
They also have 2 servers that allow you to legally buy and sell for real cash, items, characters, and platinum. You cannot transfer off those servers. So you can't taint the rest of the world with your cheaterness. Yes, I am a cheater (proud stance).
The Wizard is my favorite character. Pretty much in any game I will play a wizard and a pet class.
You can level pretty fast in EQ2 if you know how (true for any game I think) and there is still plenty to do and see. It's kind of week on the whole festival and special event thing but coming from Wow you get spoiled by that.
They have started an Extended server for EQ2 where you play for free, with limitations. Personally the limitations make it not fun for me so I'm willing to pay my 15 a month. You can pay for the Extended server too and remove the limitations but meh. $35 to copy your character over to the Extended server. I might make a character there just to see how the community is. But honestly, with a decent guild, you can find plenty of people to play with on EQ2, especially on the more populated servers (like Antonia Bayle).
I might bounce around, but I think EQ2 is a keeper. It has pets, illusions, pretty clothes, interesting characters, a great variety of pet classes, an awesome wizard, and player housing. All the junk I like.