It was direct competition at the time and so a lot of players did not want to see the EQ community bleed out to WoW. On top of that, it kind of took the attention off EQ and shifted it to WoW as the main MMO at the time.
This is around the same time that Sony & Nintendo had big "fanboys" and a lot of the fanboy culture was also seen in the MMO area. It definitely did lower the EQ playerbase to some degree as players left for greener pastures, at least on the server I was on.
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