I'd love to see something that's basically a 3D Ultima VII or a new Underworld game, but this looks like a pretty basic MMO (more along the lines of Ultima Online). I don't know if that is final art, but I can't say I'm too motivated by the look of it.
There are some interesting ideas there. Mixing F2P and traditional payment options, single player and MMO, and reverting back to more exploration based questing. Very ambitious in a lot of ways. Hope the final graphics are much better than this prototype but like many I have incredibly fond memories of playing Ultima as a kid. Many younger gamers today really fail to realize just how important Garriott is to gaming. He is the father of the computer RPG. The sheer number of innovations found in the Ultima games is staggering. If you add in the Underworld games which he didn't directly work on then you will find that just a huge number of modern game conventions come from the Ultima series, and from Garriott. Personally I'd love a new Underworld game, but this looks closer to the earlier Ultima games with an overworld that transitions into a smaller play field during encounters. Definitely interested to see where this goes.