What are free MMO's that meet the following criteria?

I typically steer clear of anything that's F2P because in my experience, they all suck, if not immediately then very soon after starting. But I've played quite a few P2P MMO's and I can't think of a single one that fits what you describe. I think you'll need to relax at least a couple of your criteria to be able to find a match. The ones with the best graphics are Lord of the Rings Online, Age of Conan and Everquest 2. Most others are cartoony.