To run it with everything on, I believe you'll need the equivalent of a p4 3.0 ghz and a fairly recent video card.
Everyone knows that a game's minimum requirements are meaningless, and have been for 10 years.
The recommended is 2ghz, but does anyone really believe that a new game is going to run well on a CPU that's roughly 3 years old?
Don't get me wrong, i'm sure if you turn off enough features, it will run, but why would anyone move to EQ2 and just to turn all the eye candy off?
I'm betting that 2.4c is the real min. I suspect the video card on the recommended system is about right.
I have an old Nvidia TI200 (which was renamed to something FX at some point, I believe), AMD 1800+ and 1/2 gig of ram, and it can struggle with EQ1 in crowded zones.
I wouldn't consider EQ2 with anything less than an ATI 9800 Pro 128MB (or Nvidia Eqiv).
All that said, I suspect you could get a good idea of realistic min/rec/optimal requirements by talking to SWG users. Perhaps you could up them slightly since the requirements may be slightly higher.
I know my system was virtually useless at the end of SWG's Beta, in virtually empty cities.
Everquest 2 Coverage at Gamespy
For those of you looking forward to Everquest 2, Gamespy is doing some extensive coverage of the game this week, including screenshots, developer interviews, some movies and tours of some of the game areas. You can access it all from this link.