To update, right click on the Innerspace icon in your system tray and click Everquest II No Patch, load up your character and when in game hit the ~ to bring up the console and type "ext isxeq2" without the quotes or /ext isxeq2 in the game chat console. Isxeq2 will load up, realize there is a patch and either patch or unload itself. I use ~ because you can see the text isxeq2 outputs.
Right now though, trying to update totally fubars the client, which happens sometimes between patch updates. Just have to be patient! =)