My dream of EQ is different than shadow's though:
I just want the current EQ world with a modern graphics engine and less zoning. Make everything consistent to the current standards of EQ, EQ2 and maybe that other sony fantasy game with strong ties to EQ from a dev standpoint (i.e., quest journal and so on).
Then, take a continent or two for launch (save kunark-velious-etc.)and build the best PVE game out there based on the premise of the misunderstood outcasts of Norrath. The outcasts (even Fippy) remain faithful to the gods... in such a war the underdogs could and should gain ground.
What I mean is have a Brell-spawn alliance of the Gnolls, Kobolds and Goblins be the primary player races. With some good lore work maybe you could do Orcs and/or unkempt druids as well. Cast the current cities and races as the enemies. Runnyeye Citadel could be the main home city (don't make too many in the game, they just go dead).
You add Kunark content and then the Sarnak are the new player-race.
You add Velious basically as it was, just as long as gear, etc. is consistent. The tri-faction lore still works no? The Dain would love a gnoll that slays giants...
Luclin you get to be a madman or grimling. You get the idea.
Keep raids to 18-person to maintain class usefullness and family guild bonds. Set the game up with alot of the EQ2 in game carrots that people liked (earned titles, the tradeskill system, etc.).
Set up server accomplishments such as taking over Rivervale. Antonica is liberated? Time for Odus and so forth. Player housing in conquered areas. My Goblin mage wants a nice hut in the conqured Oggok.
I think it would be fun at least. Not holding my breath though.