The only reason I would like to see a UO rendered completely in 1st or 3rd person true 3D is for the immersion.
I would never, ever, want to see UO turned into a WoW or EQ clone. It's already gone too far in that direction in my opinion. But there are still elements of UO that remain in tact...like having the ability to customize your character. There are no levels. There is no top. There is only what you want to do.
Many days, I log into to UO, and just visit places I have not seen. I have been playing this game for over 11 years now (since the Beta) and believe it or not, there are still new things and places to see. It's not always about fighting monsters, or PvP, or crafting, or collecting things...sometimes its just about being in the world we all have spent so many years getting attached to. I am a shop-a-holic, guilty, I love shopping...but not because I really want to own all that crap...mostly because I like to see whats out there. I meet many people while out shopping. To me, its a fun part of the game.
You don't get that kind of experience out of what I like to call A+B=C games like WoW.
Well, spiel over...back on the original topic