I currently play EQ2 (ok...no comments from the peanut gallery =) ).
Personally I enjoy the game...then again I'm the guild leader of a pretty large guild.  We're not raiding or anything yet, just exploring and finishing quests.
Yes, there is armour and weapon breakage, but you only lose durability if you die and you can repair it back to new at a small cost.  Its more of a money sink, but one that can be avoided with smart play.
Any other questions about EQ2 I can answer......
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