I haven't played EQII since about a year after it came out. During that time, I wasn't extremely impressed, but I was a diehard from the original and the differences were what put me off.
There were things that were done better and things that were done worse. Soloing is much easier than in EQI, which was something I liked. The graphics are still pretty good, even compared to modern MMOs. The crafting system is pretty fun, but I never really liked to get into crafting in anything anyway.
In the end, I found grouping to be unrewarding (I really didn't like the way group combos worked, but that has all but certainly changed by now) and things started to slow down once I got to level 25 or so. I already started feeling like I was grinding away to nowhere like in EQI, so I quit.
Almost everything has surely changed since I last played it. I would sum up my experience as the game being pretty good, but doesn't have anything that wowwed me. I ended up going back to EQI, where I still am today.
I did quite like the background and story. I liked how it links up to EQI as an alternate history where the gods don't just sit on their hands after you invade their realm and start killing them. I also quite liked what they did with Rodcet Nife and Anashti Sul, since I was a paladin of Rodcet Nife in EQI.
The story is an afterthought in the game though. It's worth giving it a try, it's certainly not a bad game. A word of warning on the free to play game though: the game is free, but you don't get any support for it. Furthermore, most content is locked behind not free content packs. Many classes and species are bought, for example. Paying the monthly fee is probably going to be a better deal in the short term if you want to give it a shot with all of the content, in case you don't like it. There's no transferring characters between the two if you ever want to though.