Nah, it's really nothing like EQ2. People just like to make that comparison because they use a similar "realistic" graphic style. spiritual successor to EQ, perhaps (I never played the original EQ so I wouldn't be able to tell), but it's on majority its own beast.
There's definately some.. a lot of performance issues that need to be squashed, but if you have the PC for it, it's a quality game. It's just not as all-encompassing as certain hard-hitters like WoW and such, as far as getting non-gamers and non-mmo players to start liking them. If you don't like MMOs, you won't be convinced to like it.
That said, I enjoy it a bunch. Was the rogue class leader in beta for a while, but stepped down to assistant lead since I'm really busy in rl lately.
If anything, check out the game for its Diplomacy system. Nothing quite like it's been done in an MMO before, and it really gives a neat storyline element to things. In a nutshell, you play an abstract card-game with NPCs in attempts to move through the flow of a conversation, gaining influence and social power in the world. Rewards affect all the elements of the game, so it's quite cool.
About the size... yeah, game's massive. Two continents and an archipelago of islands worth of content, 19 races with unique starting areas in most cases. There's also around 25 hours worth of music in the game, all really nicely composed. So that alone adds up to a good chunk of the client there.
If you're actually interested in the game, you can check out the wiki I help manage and update:
http://www.vanguardspheres.com/wiki/Main_Page
Jam it back in, in the dark.