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Obviously, nobody really knows what EQ:L is gonna be, not even developers yet, I think; so let's talk what can it be, based on limits of modern technology.
Voxel-based free-building environment. What does it mean? It means that when a player builds, say, a wall - ever brick in the wall have to be described, every voxel - or at least every voxel-based object. That's a HUGE amount of data. There is no possible way it can be transfered in real time from computer to server.
Even Minecraft, which is an ASCII graphics in comparison, which demands tiny amount of data to describe its building blocks and their positions, have a very limited amount of players on every server.
Therefore EQ:L will be completely client-based programm, where you are building everything alone, on a very small land plot, on your own computer only, not sharing anything to anyone at the moment of building.
Saves, or uploads to server will be extremely rare. Even SimCity, a game with comparably tiny amount of data, crushed and burned because servers were simply unable to process that data. EQ:L keeps significantly higher amount of data which is necessary to move to server on save. Single large object may take hours to upload, depending on the internet speed. Therefore, a battery of servers, each working with small number of users, is needed.
As a consequence, forget about "walking around the world with thousands of people, looking at what other people built". You will be scanning the site with screenshots and descriptions, when you see something you like ("I HAVE MODELED THIS CASTLE ON MY GREAT BIG TONKER!") you get in queue and download that asset, load it into your own instance on your computer and look at it from any angle. All alone.
That's the only way I can imagine EQ:L being realistically built with modern technology. Yes, I know - "how do you know Smedley's team aren't miracle makers?! I BELIEVE in them, and as long as I believe, fairies will laugh!" or whatever. But I know because there is a limit to what you can do with server channels, and that limit is not elastic. You can't push data through with your enthusiasm.
Being a programmer, this way of working with objects (work on your own computer, then carefully and slowly integrate it into greater code) is quite natural for me, but I have a feeling it's not what most people imagine when they talk about EQ:L.
Update: recent bulletpoints for EQ:L designers:
That's exactly what I've said it will be: every "build" is an instance that you browse around in a brouser and dowlnoad onto your computer to watch. I told you so! Didn't I tell you so? Millenium hand and shrimp!