Hi,
Just thought I'd post here letting people know I've been working on a
Serpent Isle remake using the Oblivion engine since around April. I've
finally decided to go public and have created a website at
http://www.etherealsoftware.com.au/ultima/ . There are some
screenshots and a demo there (the demo lets you play up to the end of
the Knight's Test, plus most of the rest of the exterior world is
built, so you can wander around and explore).
Thepal