GameSpy's Ultima X Odyssey Preview offers more first-hand impressions of the upcoming MMORPG based on attending the recent press unveiling. Here's a bit outlining the gameplay they are creating, contrasting UXO with UO:

Gone are bold notions about "online social experiments" or "virtual economies" -- they've got Ultima Online for that. In their place is a concept for an action-oriented experience where individual players -- or small groups of players -- can embark on quests where they can genuinely be the hero and make a difference. This is more like Diablo than Ultima Online, but with more depth, character development, and immersion than you'd ever find in a Diablo game.