PvP is actually fairly balanced in EQ from the macro perspective. Not in the modern MMO sense of balance meaning "Each class has a 50% chance of beating every other class in every situation", but in the sense of "Each class is strong in its own niche and will beat most other classes there." (Note that this is the same type class balance EQ has in PvE as well).
And when you factor in PvP class balance + PvE class balance, the classes are actually much more balanced across the board. On Blue you have Shamans and Enchanters as the undisputed kings of the server due to their overwhelming solo and duo power in PvE. But neither class is outstanding at solo PvP. Contrast this with the lowly Druid, Wizard and Ranger - each underplayed on Blue nearly to the point of being a joke class. None have exceptional PvE solo power or crucial group or raid roles. Factor in PvP though, and each of those classes is suddenly extremely useful. And with PvP factored in, SKs and Paladins go from being viewed as tag-along classes on raids to nearly-unkillable powerhouses who people love to have in group fights.
Basically, PvP adds an entire new dimension to the game, which has its own separate balance from the PvE game. And when you combine those dimensions the game is overall much deeper (from the perspective of meaningful itemization), much more immersive (the game world feels more dangerous and PvP changes how you look at each zone) and more balanced (because each class has both a PvE and a PvP role to contribute toward).
That being said, Red obviously has its shortcomings and even if it did not, EQ PvP still wouldn't be everyone's cup of tea. But it most certainly has its merits. Anyone arguing otherwise speaks from ignorance or bias.
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