IT guy at work told me WOW was better then EQ & EQ2. Now I just don't know what to get. 
Like Nisa says - it is totally subjective - WoW might be better for him but it won't be better for everyone.
I played EQ1 when it first came out for a little over a year... it was a ton of fun back then, I got completely addicted - but I can't speak for its current state since I haven't played in so long. The only reason I stopped is because RL concerns took over, otherwise I'm sure I would have been playing for at least a couple years. I've been half-tempted to try out the trial version to see what its like today. Like some have said.. EQ1 has a certain spirit or feeling about it that makes it enticing even in the face of more current games with superior technology.
I'm currently trying EQ2 and still evaluating it, but I'm finding it pretty interesting. I'm coming to it after several months of WoW and I'm liking the greater depth it has over that. Also the players seem more mature and it seems it would be a good environment for actually roleplaying. My main complaint so far is that there is very little variety in the character armor graphics. I suppose they are working on that still.
As for my take on WoW - Strong points: the graphics, world design and character art are beautifully done, it is more friendly to the casual player, it has a decent PVP system (if you're into that). Weak points: It can be overly simplisitic and lacking in depth, and the players can be less mature and not as experienced with group dynamics. I was utterly enthralled with WoW for a few months, mostly due to the stunning world design. But I've recently been finding it more and more repetitive the higher up in levels I get.
I agree that if there were an Elder Scrolls MMO it would be amazing - but I read somewhere they probably would never consider it since they are completely focused on making the most detailed, immersive single-player RPG experience possible. I suppose if effort is put toward networking / online play other parts of the game may suffer. It would be a huge undertaking for sure.
Speaking of MMORPGs - anyone else looking forward to Vanguard? Its coming from members of the team that made the original EQ - and art directed by Keith Parkinson - an amazing fantasy artist of D&D book art fame (back in the TSR days).
Man, that was a ramble and a half...