My system:
2.8GHz Hyperthread Enabled P4 with 800MHz FSB
1.5GB PC3200 memory (running at 400MHz)
Geforce 5900 (128MB memory)
In EQ2, there are many graphics options to alter and change. There is a set of universal performance settings which adjust all of the options for you based on which one you select. These run from Very High performance to Very High Quality..
There is an option in the middle: Balanced
I run at balanced most of the time, things do get prettier when you go up in quality, but when you get too many folks on the screen it will slow down. I can run at one setting into Quality with not too many problems, but my FPS drops to about 20 when I do. At balanced I am getting about 30FPS (I own a copy of FRAPS, which along with the ability to make movies, it will display the current FPS you are getting....) I have taken a 7 minute video, up to about 2.5 GB in AVI format, when I can find something to encode this to shring size but not impact quality I will get it posted....
My friend who is also in beta has same system as I do, but has a Geforce 4 --- can't recall the exact model, but it was one of the better Ti versions... He can run balanced most of the time.
Your system should hold up fairly well with that graphics card you have, if you want even better graphics you would need to upgrade, but the game is extremely playable on my 5900 and my friends Geforce 4 so your card will do fine. I would look into upgrading your memory and cpu though... You will need to move up to PC2700 if you get a 533 Mhz FSB cpu, or PC3200 if you get a 800Mhz FSB cpu, 1gig will do for now.
Go to www.pricewatch.com you can find deals on Motherboard/CPU combos... a 2.8 GHZ 800 MHZ FSB cpu/motherboard can be had for about 200 bucks... 160 bucks will get youa 2.4Ghz 800 MHZ FSB motherboard/cpu....
Of course, you can always try the game before you upgrade, you just may not be able to run too high ont he quality side.
Note: running Balanced, I get better performance in EQ2 than I do in EQ1 with all options enabled in EQ1... especially in PoK.