You can check out all of the changes since you were last here by reading the changelog:
http://code.google.com/p/projecteqem.../changelog.txt
There has been a TON of stuff added over the past few years that wasn't working (or wasn't working correctly) a few years ago. Way too much stuff to list out here.
As mentioned, most things do work very well. There are some newer systems that have not been implemented in EQEmu yet, but most of them are from the more recent expansions.
If you played EQEmu years ago, I would suggest trying it again and I think you will be pleasantly surprised how nicely things work.