I have, i played for a while last year. got a necromancer to level cap and a bunch of the standard aa, some okay gear. just barely raided with him (i rarely have time to raid). I think it's an excelent eq-engine and game-style experience.
IT's not a copy of eq 'as it was' back in the day. they basically took the game engine, the zone files, and art assets, and made their own setting out of it. they're inconsistent about this though. they'll randomly keep some names and not others. The zones are in weird places some times. sebelis is under guk. velious's zones connect to the far side of everfrost. kunark has you enter near FV and cablis isn't a place you really go. shreazia(sp?) temple is off of lake rathtear (which has some other name i'm sure). we ended up calling guk "notguk" an awful lot.
the game play style reminded me more of 'olde eq' than modern eq, eq2. not sure how it compares to other emulators, I guess emulators that seek to duplicate the origional game accomplish that to a lesser or greater degree, but I didn't mind their re-invisioning. I spent time camping shit in guk. I did small group and big group dungeon grinds for drops or xp. I had fun playing my class, did some fear kiting. they stuck to the old style 'walk to your dungeon, wipe when you get there, and covet loot' formula and i think it works pretty well.
It seems to have loads of advancement possible (with the tomes...like super AA's). There's loads of quests to do (unlike classic eq, which had loads of broken quests. and some xp turn ins). there arn't really epic weapons, but i'm sure the models are used on some of the loot. t hey had a lot of really cool features.
Treasure maps (they spawn waves of monsters some where in the game world, and give you loot)
adventure band (equally share xp with up to X friends so you stay the same level).
gear that levels up (it gains xp when you do, gets better etc).
there seems to be an absurd amount of raid tiers (for a free to play emulated server). like...12 or 14. and they're pretty meaningful differences in power.
I haven't played in a while to be honest. mostly due to life being busy. i log in some times to putz around.