Is the project? I looked at the status page, but wasn't really sure what it all meant, since it doesn't give a total picture of how the project feels. It looks like nearly all features are at least being tested. How much does logging in and plaiyng look like live EQ2?

And how much further along is eq2emu than eqemu?

All together we should be done by next Tuesday.

Not really, Its a work in progress. Sadly only a handful of people are capable of working on it. I hope to be able to help once I master the sorcery of C++.
But for not you can play and test it out so they can know whats going smoothly and whats not working.