I wanted to bump this thread because I was able to resolve my issue completely without having to roll back to DX8 (which didn't help me anyway).
It turns out that Dell releases its mobile video card drivers in as old a version as they can get away with. The current "up to date" GeForce Go FX drivers from Dell predate DX9.
Go here:
http://www.laptopvideo2go.com
Download the latest drivers and apply the modified .inf file as per the instructions. This allows you to use the latest and greatest drivers from Nvidia versus the 6 month old crap that Dell pushes.
This fixed my issue 100%. EQ now screams on the laptop at 1400x1050 with nearly all graphics settings turned on and/or maxed.
Another tidbit that I discovered is that the video cards in our laptops are indeed removable and upgradeable, unlike what someone claimed above. However, with the new drivers installed, the GeForce FX is more than adequate to run EQ and the remainder of my games very well.