Minimum requirements are listed many places. On this site, check out the New / Returning Players stickied thread.
Experience is basically the same / kill, but yes better equipment is easier to get. There are many quests to get descent equipment. Starting cities newbie armor quests were upgraded sometime ago. Crescent Reach, a new starting city for Drakkin and every other race, if they choose it, has lots of quests for jewelry and armor and lots of drops of equipment for low levels in the zone. The 20+ level armor quests are superb for people just starting out, as at 20, you prob don't have alot of cash yet to buy the great twink gear.
Lots of great equipment is sold in the bazaar. Many player-made equipment items are very good.
Again, it doesn't take forever to level, because you can easily get descently equipped with very little time invested, and thus kill fairly fast. Plus down time has been significantly reduced with the Out of Combat (ooc) enhanced regen, when sitting / medding, thus further speeding up kill rate.
I don't remember money being that hard to get once Luclin and the bazaar came out.
So yes experience is faster, and equipment is easy to get, depending on how you go about it. Thus, all of this is variable on the player involved, but if you read other posts similar to this one, I'm sure find lots of good advice on these topics and other ones, you may find important. Definitely the stickied thread New / Returning Players has lots of valuable information to get you up to speed.
Yther Ore
==== EDIT ====
Good Luck. And welcome back.
==============
Edited, Aug 4th 2007 11:51pm by Yther