I'd say it's more EQ1 to MMOs. EQ1 wasn't the first Tolkien-inspired fantasy-themed MMO. But it was the first to achieve "critical mass" of what was then understood to be the market. And it did so by popularizing/formalizing a number of things like 3D presentation and the whole DIKU system within.
What do you guys think Weisman (Smith and Tinker) will come up with now that he's got some shiny new toys? (shadowrun, mechwarior, and crimson skies) Gamespy seems to think he's going to go less "gamey" and more simulative (which I like). Although Crimson Skies was a hit because of its arcade action, kinda like Unreal Tournament in the sky.
"See, the beauty of webgames is that I can play them on my phone while I'm plowing your mom." -Samwise