That's one of the big problems yeah. I can only imagine how WoW players would handle classic Everquest, those that have never experienced it. You have to travel to the dungeon, you have to share it with everyone else (no instancing), you have to recover your corpse if you die inside, and there's usually no fast travel to get there.
Anyway, I still say if I get the urge to play WoW again I'll play Rift. I enjoyed the beta last year.
I would laugh SO hard seeing someone only used to WoW deal with old school EQ death penalties. Either run to your corpse naked, or hire a necromancer to summon your corpse if you want your gear back. Plus xp loss.
I also have to admit that I don't think I can honestly take rare drops or mobs seriously after doing the magician epic quest. Quillmane was ridiculous: no known spawning pattern, tons of competition, and a 50/50 drop rate it you DID find her.