5. Holic Online
Holic Online just barely made it on this list. The game has absolutely gorgeous 3D anime inspired graphics. Holic Online definitely blows away every other "cartoony" game in terms of graphics. The only other "cartoony" game that can almost hold its own against Holic Online is Dream of Mirror Online, but Holic Online still gets the #5 spot on this list.

4. Sword of the New World
Sword of the New World is probably one of the most visually impressive games out there and even more noteworthy is the game's soundtrack. Sword of the New World has a completely original and remarkable soundtrack that'll keep you entertained while grinding. The game also has incredibly unique game play where players get to control up to three different characters at once.

3. Project Torque
Project Torque probably has the best graphics for any MMO in the sports genre. Everything from the game's environments to the vehicles are stunning. Aside from graphics, Project Torque is a solid racing game, and a must play for gamers that are tired of all the cartoony racing games out there.

2. Rohan
Aside from having incredible visuals, Rohan Online has a large community and balanced game play. Rohan is one of the best free MMOs to be released in a long while, so if you haven't played it, I recommend you at least check it out.

1. Perfect World
Perfect World definitely has some of the best graphics I've seen in a long time and even holds its own against some of the best looking pay to play MMORPGs. Everything from the game's character models to the water is beautifully rendered. If you haven't played Perfect World yet, I strongly recommend that you do, as the game is definitely one of the best free MMORPGs released to date.

Source:

http://mmohub.org/2008/top-five-graphically-impressive-free-mmos