Husky Express

I saw the new MMO coming to Korea in
Continent of the Ninth
Mabinogi Heroes
Husky Express Online
and I ask this MMORPG in NA have these high-end graphical

Last Chaos
Perfect World
Runes of Magic

AION

WoW

Crisis

Games BattleFeild

I play Guild Wars is a fun game with great graphics and a lot less grinding for levels.

Guild Wars is a free online game.

you will not find a good high-end graphical games for free, the only MMORPG RuneScape is free.
WoW - 10 day free trial
Guild Wars - I think when I played the trial, there was only a couple of hours for a free trial.
Aion - will likely be the same as City of Heroes / Villains who have a free 14 day trial.
CombatArms - I think is free, but it is not like other MMORPGs. it's just that you log in, choose a room a group, load, kill until you get enough points to win the game back to the menu screen to find another group _ -''

So, in my opinion, a little money and OMG you actually have to pay for an MMORPG that has high level graphics.
((Even RuneScape, you can pay to get the final level and do all the quests. So it's technically not free))

The best graphics background research has got to be the Lord of the Rings Online

Best water goes in search of Age of Conan Hyborian Adventures

Best fight against the schemes will search for World of Warcraft

Overall best graphic game goes to Warhammer Online.

Age of Conan is a MMO with better graphics, but I think the servers have been closed or something.