The graphics actually look really nice if you look at the screenshots on the website (in the News section for some reason...). The video made it not look as nice, but I am sure it will end up great once they start focusing on the cosmetic stuff. The gameplay is a great start.
My only concern with Pantheon is that I didn't like the Vanguard combat. It had the best classes I have ever seen in a game, but the way the actual combat worked was really boring. Taunt was too overpowered, and so was healing and crowd control. So every group was just tank n spank and spam your 1234 routine and drool. It was made worse by them adding really overpowered gear over the years, but even at first (and in beta) it was too simple in how it worked.
But I still have hope because Everquest was not like that. It had simpler classes but the combat was actually quite advanced. It looks like they are going more in that direction with this game. If they can remake that type of game but with some new unique features, I'll be all over it.
As for EQ Next I was only ever disappointed in that anyway. It looked like a Disney Pixar movie which is the exact opposite of how I want a game to look, and the gameplay was even worse.