I think its a great idea, EQ could certainly use a player base infusion, however Sony also needs to realize that before they churn out another half done expansion in 6 months they should really try and fix the broken content from the other 13 first.
I think before SOE needs to address several issues before worrying about how to boost playerbase.
If they must push out another expansion in 6 months make it a killer. GoD ver. 2 type. But with more raid zones/longer to get through. Make it so people won't push through it in 2 months. Not so terrible it's a game killer, but long and hard enough to keep top guilds busy for 6-8 months.
While everyone is tied up with new content, hire some extra folks and completely revamp the graphics. Mobs, NPCs, player characters, environments etc etc. Don't worry with revamping the zones, just the looks of them.
After that look back at armor and weapon drops in old zones. Bring them on line with similiar drops in newer zones.
Then with everything in place (I'm sure I could keep coming up with stuff, but since this will never happen anyways I'll keep it at the basics), start work on the next expansion. It's gonna have to be huge. Content, size and scale, everything. As well as level/gear/AA/spell/disc upgrades so people can finally beat the previous expansion. Launch it at either the same cost or cheaper than regular expansions and include with it ALL previous expansions. Hell a new race and/or class wouldn't hurt either. But the main selling point would be the remake of the whole game. Advertise the hell out of it. TV, internet, magazines, radio maybe even. Use the fact that people get everything in one purchase and for returning players the "See Norrath again for the very first time" type crap.
The older content gets the easier it gets. If you were in one of the first guilds into anguish, they would tell you it wasnt nearly as easy is it is now or every 6mts after release. Its just like Solteris its some difficult stuff right now but I'm sure in another few months it wont have the luster it has now.