Feenix has been around for years now. They're not quite as slick as an organization like Molten WoW, but they have successfully run multiple Classic/TBC servers long enough to show that they don't just roll up FoTM servers on a whim.
Like classic EQ, you're going to have to ride the nostalgia waves pretty hard to stay interested enough to level up a character on Emerald Dream. Addons like SuperMacro help with the UI, but the game mechanics might be unpalatable if you've played any of the later expansions. I'd recommend giving it a go just for old time's sake, but don't be disappointed if you can't recapture the magic.
Edit: 1,068 players online on a Friday night.
http://www.wow-one.com/forum/topic/2...85#entry208285