As per this forum
post on UO Stratics, news has surfaced of a totally remade Ultima Online, using a new engine, that just so happens to be in 3D. The game will still use the same viewpoint, the famous isometric top down view deal, but will be 3D now. The new engine looks pretty decent considering the game is nearly a decade old now. Who would have thought 9 years later, Ultima Online would still be going, let alone getting a totally new engine for everyone to enjoy!
For those wondering, you will keep all your current stuff, characters, inventory items etc that you have earned over the past 9 years:
1. We are completely re-building the Ultima Online client with new graphics and a new easier-to-use interface.
2. It is an in-place upgrade. That means you will be able to keep your characters, items, houses and everything else you've earned over the past nine years.
3. We are committed to maintaining extremely low system specs. They will be higher than what UO launched with in 1997, but will still be far lower than almost any other MMORPG on the market.
4. The launch will happen in 2007.
5. There are many, many more surprises in store.
Amazing, really. And this is not a fake or joke. Darkscribe himself posted this news, he is a producer on Ultima Online. If you look at the screenshots, you'll also notice Electronic Arts is in there. So to all the Ultima Online fans out there, and those of you who left the game, here's to another 9 years of UO goodness.