It looks better then WoW's graphics. The textures and poly count are higher then WoW's but not to the point that you are going to have to wait 10 years to play it at a decent framerate like EQ2.
WAR Dwarves
http://www.warhammeronline.com/english/media/screenshots/full/SS_May_2006_12.jpg
This game is gonna rock !! You can PvP from the start and gain money, items, and xp or you can go the PvE route. The end game will be 80% RvR and 20% PvE which means raiding will be a thing of the past. You can sack capitals and do world PvP. I can't wait for this game !!!