EQ2 does have better graphics and especially physics...
https://www.youtube.com/watch?v=-dGnXoug8yE
Advance mode in EQ2 for graphic customization is so comprehensive no other MMO comes close to it, too. You can pick between CPU or even GPU shadows (I prefer CPU shadows as they look more life like). Shader 3.0. And a host of other options, complete with slider bars for fine control...right down to how many particle effects per scene.