http://ultimaforever.com/
It's a free-to-play MMORPG being developed by Bioware (well, Bioware
Mythic).
It looks like its going to be more action-RPG (e.g., Diablo) than
proper RPG. The character designs look cartoony, like something out of
Torchlight
It will have only two character classes (Fighter or Mage) and is being
designed for "cross-platform play" on PC and iPad.
You will be doing quests for "Lady British" but at least it will be
set in Britannia.
There's very little information released so far but - aside from the
last (an Ultima game set in Britannia? How novel!) - there's very
little that looks attractive to the die-hard Ultima fan. It looks like
another attempt to cash-in on the brand by EA.