Agree 100%
I will continue to debate the notion that existing players or returning players would refuse to join simply on the basis of graphics. I just don't agree. To me, I believe it's more about how UO is as a game, a grid-based, RNG controlled, 2D program. Why would anyone who is serious about PvP continue to play a non-3D game? Why would anyone serious about PvP continue to play a game in which RNG controls hit chance rather than player skill? Why would anyone who PvMs want to settle for the limited quest system UO has, a quest system that is hardly ever upgraded. We have a dozen or more new mobs added every dungeon re-vamp and absolutely zero quests related to those changes. No Kill 10 Dazzled Harpies, no Slay Cora, nothing. Why would a PvMer settle for mobs that are made harder chiefly by increasing the base movement speed, resists, or hit points, rather than adding strategic special moves? Creating a player environment in which the individual is only encouraged to exploit the system such as locking or dragging excess mobs away in order to focus?
To me, the graphics of the CC are one of the few reasons UO is appealing over other MMOs. "Classic" will never go out of style, and unlike player housing, which is often cited as a perk, the style remains unique in this genre. The problem is the way the game runs, the lack of content integration regarding an outdated quest system, and the fact 3D content creates a user challenge 2D games aren't capable of producing. I'm not sure how the CC/EC client can improve, but having two clients at once is also a drag. The majority still plays the CC and the EC doesn't improve upon any of the core issues because of limitations set by the CC.
Engineering problems galore. Graphics? Not as much, in my opinion.