Okay, I don't have alot of time (have to study for a quiz over the wonders of Latin) but I'll try to answer your questions as easily simply as possible.
WoW is awesome... haven't played EQ2, but I'm placing my money on WoW.
Yes, the graphics are cartoonishy, but then again, that's the way the Warcraft series is. If they had done it any other way, I would have been not happy.
Yes, what you wear shows up on your character (w/ the exception of trinkets and rings).
Can't comment too much on the crafting in WoW, but it doesn't seem to be a "money sink" as you'll never lose materials. Then again, I haven't done it yet, so who knows...
What do I like from WoW that FFXI doesn't have: Not having to have 5 other people around to wipe my butt, and not having to wait 5 hours to get a group. Also, not fighting crabs that look exactly the same for 40 levels, the fact that quests are actually useful and give items and exp, the fact that mobs drop useful things, don't have to farm for a week to buy some "leet" item that I need to get parties, actually, I haven't had to farm much at all. The quests are interesting, don't feel like I'm grinding to the next level. Character customization is nice (both cosmetic and class related), I haven't seen anyone who looks exactly like me. Umm... I'm sure there's more.
What do I miss about FFXI? Ummm... probably just the friends that I've made while I played it.
There you go... fun game, gonna buy it, you should too...