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I've played both EQ2 (Everquest 2) and Lotro before they went free to play, and although I got pissed of at first seeing how easy it was to withdraw money directly from your bankaccount to buy cosmetic gear in EQ2... alot has changed since those times...
This is the offers the two companies have for their games, as of february 2014:
(Lotro's highest level is 95 now though, but the rest fits)
In Lotro, even if you are subscribed, you don't get access to the 6th inventory bag, the shared bank, any of the expansions, the premium barter wallet, and a bunch of other stuff EVEN if you're a VIP, meaning subscribed paying some 15 bucks a month, or whichever plan you chose. - though I would recommend only subbing at any game for only a month at a time, to see if it's worth it.
In Everquest 2 you get access to almost all the expansion for free exceept the last one, even as a free player. In Lotro you have to buy all expansions.
You get all races and all classes in EQ2 for free, Lotro restrict on the warden and runekeeper even for VIP, (need Moria expansion)
You get all bags for free in EQ2, even as VIP you have to buy in Lotro...
Same thing with shared bank, you get it as free to play in EQ2, in lotro you don't get it with VIP you STILL have to buy it...there is no way of getting it without buying, not even expansions.
Some say SWTOR (star wars the old republic) is greedier than Lotro, but I've played both as a subscriber and as free, and Lotro is way greedier.
SWTOR is much better as subscribed, and is a good sci-fi alternative.
But if you're going for the high fantasy setting then to me it seems EQ2 wins alot more, and the graphics looks a little more realistic but not so much difference there between Lotro and EQ2.
But for me I'm so cancelling my Lotro sub, I fed up with not being treated as a subscriber when I pay as one, even if it was only for a month. Thank god I didn't buy any turbine points or any of that shit, or expansions, which you don't need until you're higher level anyway.
So a heads up for those who wonder which one(s) they should go with.
Edit: oh and if you love hobbits, they had them in EQ2 before Lotro came out, they're called halflings.
And also I think housing is better in EQ2.
And crafting is more skill based in EQ2.
And also EQ2 has a PvP server with world pvp, for those who prefer that, though neither lotro or EQ2 are good pvp games. In Lotro there is only pvp as monster, and as "good" races you have to level up to high level to get to pvp.