Unless emu works different from live dex has no effect on hit rate. Hit rate is based on your level compared to your target, your weapon skill, and the AC of your target, nothing more. Agility doesn't do much either. It just adds like 1 ac per 3 agility or somesuch as well as raising defensive skills quicker. Depending on your class, Str, Stamina, Charisma, Int, and Wisdom are the only stats to ever care at all about.
However, I do believe there is some penalty if your dex or agility is below a certain amount (75?) so I guess it matters in that case. Or if you're going crazy with dual Yaks a high dex could be nice, but it would be a secondary stat.
Another interesting fact: AC sometimes completely absorbs a blow, but it just shows up as a miss.
If I'm wrong I'd love to see a dev correct me, but this is what I remember from lurking on the official EQ forums back in the old days.
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