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it has nothing to do with how long it takes to level and everything to do with having something meaningfull to do when you do play BESIDES grinding your way to the top. WoW could increse the xp necessary to level 20 fold and they would still be on top as long as they incresed the number of quests players could do by the same amount, and increased the number of instanced dungons and zones to explore for any given level as well.
Have you even played both games??
A serious question as you are seriously talking out of your **** for the moment.
WoW has fewer quests, with rather limited rewards for those quests too. There are few quests to be done that give items that are better than the ones that are dropped or crafted, apart from a couple of charms that are very handy and usually take a long time to get.
A beginning player in EQ can get a lot of great things (armour, weapons, food, ...) from the quests in the city. I cannot say the same of WoW, not even close.