I'm sure everything I'm about to say has been rehashed ad nauseam, but initial impressions:
The world looks very cool, and I got excited to see the wizard spires amidst the overgrowth. I like the atmosphere and it doesn't seem as cartoony as WoW. I'll probably reiterate this point a few times in this post, but EQ had a certain level of realism that made the world seem realistic and dangerous. At no point when I was playing WoW did I have the same investment in my characters or their well-being. Vanguard, on the other hand, recaptured some of that EQ feeling. The atmosphere, graphics, and animations play a huge role in this.
Those were some awful, ridiculous shoulderpads and armor on that Kerran. I loved EQs simplistic armor because when you got something truly unique, it showed. A fancy weapon or BP or helm was immediately recognizable. The shoulders and shield in the demo look like they are made of 3 layers of 6-inch thick rock. It doesn't look anything like armor - it's just a big bulky costume. I liked in EQ how a shield bash was a relatively slow animation with a dull clunk when it connected, because it really conveyed the weight and heft of a shield. From the EQN video, the armor looks light as a feather and you can whip that shield at light speed. This leads me to my next point:
Every animation looks like a superhero is performing it. Ninja spins, sparks flying with every attack and shield bash, jumping 10 feet in the air, zipping forward at super speed and demolishing a horde of enemies. Again, one of the things that made EQ magical was that every monster (assuming it wasn't 30+ levels below you) was tough enough to warrant attention. Maybe for this demo the mobs were just there to act as bowling pins, but I get the impression that you'll have warriors with cleave attacks taking out hordes of enemies as you bounce through the map with movement and jumping abilities crushing mobs along the way. Again, nothing wrong with that, but it's not in the spirit of EQ. I did like the human female mage model and equipment. I didn't like how she could somersault around through that pack of mobs. It was great how fragile casters were in EQ - if you were in the midst of multiple mobs trying to cast an AOE you had to pray that your aggro was under control or you'd be instagibbed. This is pure speculation but I wouldn't be surprised if EQN had much more durable, mobile casters.
Overall, it looks like a fun game but I didn't get much of an EQ or VG feel from it. It might be the next big thing but characters just seem too... heroic and strong. The entire EQ experience made you feel weak and dependent on others unless you were romping through a zone with a big level advantage. Even on my bard, which was a solo machine, I always had adrenaline pumping while kiting in Great Divide or the Karanas, because one false move and you'd land in melee range, get bashed, and turned into mush. Even on my tough tanky paladin, if I got a wandering add that resisted root, I was toast unless I landed a clutch blind and could strafe run to the zone line. Those type of experiences seem like they are lost these days as the focus shifts to glitzy animations and big damage numbers. It just looks like another new MMO where you accumulate uber skills and crush monsters by the dozen. Ah well, I'll give it a try and maybe the new features will bring enough to the table to capture our interest for a year or two?