LOL, i'm such a game freak...
Having played both:
PSO- designed the way i think Diablo2 should have been. The visuals are sweet, the gameplay is really nice, co-op multiplayer blends perfectly into the game. The single player is nothing compared to co-op, but still alot of fun. However, all the cheating that started about 2 months ago RUINED the entire online game. Single player is still fun, but multiplayer has been destroyed. Online play when it wasn't hacked, you could join for 1/2 hour beat (1) stage, have fun, get the days frustrations out on some virtual badguys, then get other things done the rest of the night, or continue to the next stage if you wanted.
PSO2- should be out in about a month, hopefully they will fix all the cheating.
EQ-visuals were awesome 2years ago, today they are still nice. Gameplay fun for about 2 months, till you realize: you can't solo play for crap, finding a group and getting everything going can take 2hours+. Very time consuming game, and repetition galore, when people awake from the EQ addiction they are normally pissed they wasted so much time. Addiction is the correct word, trust me... lol...
Personally i like games where i can play for 1-2hours have fun, relax, make jokes, then do other things the rest of the night. In EQ inorder to have "fun" it can take 2+hours just to get the action going. Ask any true EQ player the average time they play EQ a night... 2hours minimum will be the answer, wouldn't be suprised if they say 4hours+...