I figured out the problem...The eq2map_config.cfg file in the EQ2 Map updater directory somehow got blanked out and was 0 bytes...I had a friend send me his files and I copied his over the top of mine. Then edit the file and change the following lines to the path where eq2 is...
<ConfigValues>
<OptionName>EQ2Dir</OptionName>
<OptionValue>E:\eq2full</OptionValue>
</ConfigValues>
<ConfigValues>
<OptionName>AutoLaunchPath</OptionName>
<OptionValue>E:\eq2full</OptionValue>
</ConfigValues>
Not sure how the .cfg file got empty but mine works great now. Hope this helps others.
Suggestion for Tacoman
The cfg file should be checked for validity before executing and if it is not valid, default values should be loaded or it should prompt you for the appropriate information.