This was announced on UO Stratics about three weeks ago.
I don't have big expectations being that it is a cross-platform. Somehow I'm expecting something like Gauntlet from the 80s. I signed up for the beta and will tinker around with it a little. I'm looking forward to seeing the screenshots but they've yet to put anything up on the official website.
The only real upside I see to Ultima forever is if it does well, maybe EA or the powers that be will invest in the Ultima online franchise and bring it up-to-date with some high-resolution art. As you all know I can't stand the way UO looks; the graphics are atrocious. Personally I'd rather see EA do something with Ultima online than Ultima forever.