While I am yet to be convinced that EQII is the game for me, I have to say the quest rewards are a lot better than EQI.
Yes, there are a lot that only give you a few coppers - but there are some (even below lvl 10) that can give you decent armour for your level. There are a couple in the low to mid-teen range that provide nice weapons and a decent set of boots. (Danes Light Boots and the Coldwind Coast selection of weapons).
Another nice thing is that when you complete some quests, you get a choice of item, ie. In the 'Building Fawns Garden' quest, when you complete it, you get a choice of a Coldwind Coast Hammer (2hb), Mace (I think - 1hb), Rapier (Dual Wield) or Longsword (1hs). At the end of the Dane's Boots quest, there is a set for each of very light, light, medium and heavy armour skills.
Some other quests are less rewarding, and some seem a complete waste of time. There are loads I've yet to do yet, so I may have only scratched the surface. EQII has its flaws, but in my opinion, the quest system isn't one of them - except for the fact that they put a 50 active quest cap on this week - you can almost get to that purely on collection quests....