It will all depend on how you prefer spending your time in an MMORPG, more specifically, a well dated and emulated one.
PVP in classic EverQuest is extremely awkward, and what myself and many of my friends have always called "clunky", let alone horrifically imbalanced on a one-to-one basis.
That being said, EverQuest PVP actually has a lot going for it, and when it is truly fun, can be lot more enjoyable and immersive than most of the modern PVP MMO renditions we've been getting in the last 10ish years.
If you are not very familiar with PVP in Classic EQ, and don't have an itch to play on a PVP server from the get-go, I would definitely recommend at least starting on Blue.
Blue will let you enjoy all the nostalgia and feels of classic EQ, and Red has massive EXP bonuses for new players anyway. You will likely level much, much faster on Red with refreshed knowledge from Blue + the EXP boosts of Red.
Population figures, I'm sure plenty of people have already answered. Blue is quite thriving, to the point of being overly congested in many areas. Red is the exact opposite.
Blue you will likely always continue to meet new people as you play, Red you will likely be encountering the same small group over and over.
If you really love Classic EQ, try them both out, like many of the players here have.
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