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To me it looks like it's shaping up to be the main competitor to U4E. On the one hand, you have the "sanctioned" Ultima title which is choosing to go in a lighter direction in terms of style and gameplay and being put on iOS devices. On the other, you have the successor to the Ultima brand being created by the Ultima creator who is getting as close to the name as he possibly can without breaking trademark laws (LB is in the game, as are moongates (lunar portals), the land is essentially U3 Sosaria, Virtues will play a part, mention of the Avatar and Virtues in the title itself, and so on), but attempting to create a deeper game than what is being done with U4E.
Basically it looks like it will be comparable to Path of Exile vs Diablo 3 just based on the info given about both games.