Unfortunately even though EQ2 is an old game (Came out in 2004), I still only get 20ish FPS on max settings (no AA).
I'll still drop down to 5-8fps in big cities... Bleh.
I don't know what the expansions did to the game since I played, but that does not sound like typical FPS. There may be some problems with your system. What is your system like, and monitor resolution?