Daybreak Game Company finally confirms that the development of EverQuest Next is terminated, after a long time not revealing anything new about the game. The reason, according to the company, is the game requires a lot of resources as many cutting edge technologies are involved (you can see them in the related articles at the bottom). It’s a very ambitous project and for now, Daybreak Game Company believes they can't deliver what they promised at the announcement. So a hard decision is made, EverQuest Next won’t be coming out, not in the near future.
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Russell Shanks, President of Daybreak Games told MMORPG.com about why EQN was cancelled:
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Related articles:
David Georgeson Leaves EverQuest Next Developer Team
Players' Choices Can Affect the World of EverQuest Next
There will be Open World Buildings in Everquest Next
5 Distinctive Features of EverQuest Next
EverQuest Next Abandons Traditional Character Progression

Russell Shanks, President of Daybreak Games told MMORPG.com about why EQN was cancelled:
Source: mmorpg.comWith EQN we set out with lofty goals, and when the game vision came together, it required us to push our boundaries in just about every facet of game development – voxel world tech, dynamic and motivation-based AI systems, and fully 3D, vast, real-time, modifiable gameplay spaces are just a few examples.
Creating systems in and of themselves is time and resource consuming; trailblazing new technology is even more so. Ultimately, we realized that cutting some features or going with a piecemeal solution was not going to deliver on the original vision or hit the expected quality bar.

Related articles:
David Georgeson Leaves EverQuest Next Developer Team
Players' Choices Can Affect the World of EverQuest Next
There will be Open World Buildings in Everquest Next
5 Distinctive Features of EverQuest Next
EverQuest Next Abandons Traditional Character Progression