"The first great Western RPG has been lovingly restored in Ultima Forever - return to the Ultima series in BioWare's new cross-platform action RPG. Accept the challenge from Lady British and save the land of Britannia. Play as the Fighter or the Mage and travel alone or with friends, restore virtue and become the Avatar!"
So, EA and Bioware are making some sort of free-to-play action RPG based on the Ultima series, which is supposed to be getting both a PC and iPad release. Details on exactly what kind of game it is are rather scarce at the moment, but the website says you will be given the option of two character classes, a fighter or a mage. Judging from the "travel alone or with friends" bit, it will probably also feature some form of multiplayer mode.
I've been hoping for a new Ultima game for years. But not like this. Please, not like this.
Here is the website, if you want to look for yourself. Beta signups are now open as well.