I have the same problem. It's related to your video card and DX9 in some way. This is how I prevent it from happening. It sounds hokey, but it works.
1. Run dxdiag.exe
2. click on displays and make sure it says "there are no problems..." near the bottom.
3. close dxdiag
4. make sure wmgmt isnt' running in the background (not 100% sure it's part of the problem, but seems to be).
5. start EQ.
If I don't do that, I get the "no 3d device found" error message everytime. I think my video card fails to reset itself properly after I exit EQ...