After leveling to 23 so far in EQ2, I think you need to go back and redo your review.
I experience no network lag.
The engine was built to accomodate tomorrows computers and beyond. The game looks lush and beautiful on the "Balanced" setting, I can't imagine what it will look like on Extreme Quality when its playable at acceptable fps later.
The quest system basically mirror's WoWs. Bring this to this person. Go kill these. Kill these until you find this. EQ2's system is better in that I can have more quests at once, and I DO have more quests at once. WoW's system is better in that you can share your quests with others.
Yes there are loading screens. With 1GB of ram, the load times are negligable. I personally like zones better than wide open areas. I could never tell what people/how far people could hear me in WoW.
Sense of accomplishment: I feel like i've done something when I complete a task/level in EQ. I rarely felt that way in WoW, even after doing a few elite quests.
Locked encounters: they're helpful in group situations. Although I haven't really had the problem of any area being so overcrowded to actually need the locked encounter. If something is kicking someones ass, they can yell and break the encounter. This allows them to regen health/power at the normal rate, even in battle. Also, it allows anyone to help them out. No xp/loot will be given for that encounter.
Loot: I don't know what you're talking about 1/100 xp mobs dropping loot. I was xping in an area last night where we averaged at least 1 chest every 2 pulls. We got quite a few adepts and peices of gear (quested gear and plain old dropped gear).
As for leveling areas, in 23 levels i've leveled up in: Isle of Refuge, Freeport (quests), Commonlands, Fallen Gate, Nektulos Forest, Thundering Steppes, Edgewater Drains, and Wailing Caverns. Quite a diverse set of areas.
Overall, I think you reviewed the product to early and/or didn't experience enough of the game to give it a fair review.