I found another thread discussing this same issue and there it was stated the reason for the weirdly fast up and down mouselook speed is that the newest patch (v58) makes the game client reset the in-game FPS cap to the maximum (100) even if you have set it to something lower, like probably 60 for most people, which initially fixed this problem for me in the older patches when I started playing for the first time. The easiest way to fix this at the moment is to externally cap the game's FPS to 60 from outside the game, like from nVidia's or AMD's control panel, if you have happen to have a GPU from either of those vendors, or then some other third party tool like RivaTuner. In nVidia's control panel you can set the max framerate for each program on your computer separately so all I had to do is browse for eqgame.exe and add it to the list of programs there and then set the "Max Framerate" field to 60 and voilá.
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