Here's my take on it from a long time EQ player (Velious) returning after a long hiatus (Prophecy of Ro).
MQ2 botting has certainly progressed a lot since the last time I was playing EQ ( and regressed as there's no more warp, GK, ND, etc... :P ). It is not as sophisticated as the bots for other games like WoW where you can create a level 1 and 1-click bot to max level or have the bot auto-configure itself to maximize dps/heal/etc... for every class and level. So, if you're expecting those kind of bots, you'll probably be disappointed. However it is a lot of fun in its own way and works quite well once you get the hang of it.
1. Botting in EQ typically implies Multi-boxing. This is kind of a fun aspect compared to other games like WoW since you can multi-box six accounts without paying for six subs. It reminds me of old-school games like Wizardry where you command a team of players.
2. For me, starting out was rough. I still had six level 75 accounts from when I left off, but there is very little sub-level 85 help available. Start out simple and don't get discouraged. It gets a lot easier as you level up and catch up to the main player base.
3. ISBoxer is your friend. Trust me on this one.
4. Make sure you run all your ini files through Kissini.
5. Use SEQ or MySEQ to see what's going on.
6. Use Frequency UI or another MQ2 enhanced UI.
Hope that helps a bit. Good luck.