VG Emulator is in progress - pretty much alpha stage right now. Vanguard was a great game about 8 months after release, when the worst bugs were fixed and Sillyass and SOE hadn't yet started to WoWify it. If they emulate that time frame and add some proper itemization, it's going to be on par with EQ, in some ways better.
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~ give me a large old school fantasy MMORPG, make it PVE, and hold the voice chat ~
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