The newest server is Phinigel. It's "vanilla" EQ for another 5 weeks at which point they open Kunark. I say vanilla with quotes because there are a lot of quality of life changes from classic EQ. No corpse runs, normalized exp, no class/race exp penalty. There are 'instances' of crowded zones to thin them out a bit when it's overpopulated. You have a hearthstone like ability. From what I was told there many statistical differences between real vanilla and modern vanilla that make it generally easier. Content in general is 'easier'.

Some negatives (opinions) out of the way first...

Exp is slow. You're pretty much forced into absolutely having to group for the bonus exp. Getting into good pug groups isn't easy for certain classes. You also gamble with spending 30-60 minutes finding a group only for it to soon disband. Mage pet's tanking for groups is dead. This forces the group to either have a tank or a Enchanter (sometimes Necro) charmed pet for reliable exp. The server is becoming top heavy in terms of levels. Likely because the experience is generally slow. 40-50 is brutal unless you're in a solid AOE, Enchanter charmed pet, or super twink group on a double exp weekend with an exp potion flowing.

The exp isn't horrible enough to make me quit. It's just horrible enough to make me not want to level an alt :p

If you're a Tank, ENC, or Cleric. You can find more reliable experience than any other class. Otherwise you would want to join a guild with active leveler's. If I had to do it over again, I'd have chosen Enchanter over Necro because of how incredibly bogus charmed pets are. I parsed Allizewsaur (giant lizard) out dps'ing 2 rogues and a wizard. I also had a charmed Spectre that was level 37, and it too was out damaging 2/3 dps in the group. It also generated more aggro with it's lifetap than both a Ranger or Warrior could handle... Not balanced in any sense. The exp per hour in a 2 charmed pet group is literally 5x what a normal steady single pull group could hope for.

There are some game design blunders in terms of content funneling. Norrath is pretty giant, but decent grouping locations (for pugs) make up a hilariously low percentage of the actual game. Which is kind of sad. I remember getting into groups for stuff like Treant's, Gnoll hill, or Aviaks in Karanas. Now those places are virtually dead. Obviously because there are better options for gaining reliable experience. More sad than anything imo.

So... There are glaring shortcomings in my opinion, but I still enjoy the game for it's aesthetics and the moments when you get into a good group.