UO2.
Take UOs core concepts in pve/pvp and build on them. Take into account the tried and trues and the tried and failures. Build it on a modern engine so it looks new and feels real. Rebrand it as Ultima Online: Reborn
This will draw in new blood and current/old blood. The people that loved what UO was, the people that want and beg for new graphics and engines, the people that hate the fact there are 10k different item properties in todays UO, the people that left because cheating got too rampant, and the people that left because UO wasn't properly looked after. Market it properly and heavily to compete and be better than every other MMO in todays market. This could wipe out all of the bad ideas from past developers who thought they had "the best idea ever" and give opportunity to look in the mirror and ask if i was to go back in time and change something that was done or wasn't done in UO, what would it be?
Too many are fond of what UO was and the current gang of devs, no offense to them and to no fault of their own, are just tossing in content to keep the game floating rather than equipping it with the sail it needs to maintain - at some point, the boat isn't worth repairing anymore and its time to buy a new one, or at least take what you had and refinish it. How many games have come out saying "we are going to ahve an open world like ultima online", they gain a huge amount of media because they said they were going to do that, but ultimately it isn't a huge success because it IS NOT ultima online. UO has some of the best pvp content in gaming as strange as it sounds. You take what it has, you build on it with new content like castles, wars, and siege weapons, and you have a recipe for HUGE success to the pvp users. The pvm/pvp world is immense and its core concepts can be pushed on. Its history and lore have enough backing to create another world that the players who play games for lore and questing could flourish... but the current/original game is beaten to death by crappy content, broken systems, and bad management.
It is my opinion that the true problem with adding new players is:
1. UO doesn't apss the eye test, and the game is beyond fixing with new graphics and engines. We all know UO is a good game, but a new player sits down and looks at it like they just plugged in a nintendo, or with the "enhanced client" a nintendo 64.. They have seen the WoW comemrcials, they have trialed Diablo 3, they know what a half ass and decent game "looks like" and when they see UO they don't understand. Its an unfortunate reality. In a world where games like call of duty and skyrim can look so immense and realistic, a game with UOs camera angle, horrid resolutions, blurred graphics (looking at you EC), and little things that msot of you do not realize like server line issues, all have an effect on a new player. I'd laugh to if i played a game with an immense world like skyrim, that runs on a disc on a console, yet get in UO and my stats disappear and come back everytime i cross a server line.
2. Learning Curve. There is too great a learning curve now, and that is irreversible. There are too many items, properties, advantages and disadvantages, etc etc in this game that a new player will not wrap its head around. a veteran can look at a weapon with 15 item properties and know it is junk, but see a kryss with 3 properties and know it is worth using and worth 500mil. A veteran knows how to use and abuse game emchanics, to pull the strings and work the systems. How to target a weakness and abuse it rather than have its enemies strength overpower. Many games are like this, but UOs age has taken its tole. There are even small things that many veterans don't realize are very cumbersome. When i first started playing UO, for the first few weeks the furthest i journeyed was despise, and i didn't realize there was an ability to heal outside of heal potions. then i discovered bandages, and eventually magic. Does anyone realize how much content is in this game now? It would take months to even have a semi-firm grasp on what is available to someone. and where do you go to learn it? hopefully you stumble upon stratics and uoguide to help you, because uo has nearly zero reference to most of its own content.
3. Economy. I brought an IRL friend back to UO, and as soon as he realized that anything worth owning cost 25, 50, 75, 500mil, and wasn't interested in powergaming to make up for lost time, he quickly went back and cancelled his acct.
4. Marketing/Csutomer service. That same friend could not figure out how to get his account running. Calling EA led him on a wild goose chase of customer service reps that didn't know their own company had anything to do with UO (someone said they used to play it, but didn't realize the company he worked for supported it).
Bring on the new game...
...Best game ever