This far down the line, the devs would be better off just starting from scratch on the virtue system.
I somewhat agree with this statement. I say somewhat because there are some aspects of the virtue system that I like. I speak of Compassion and Sacrifice. I like those virtues because they involve a character increasing it's personal ability through dedication to the Virtues. I know, I know, maybe I'm putting more thought into it than I should. Self-rezzing three times a week is nice, and if you hunt in packs, rezzing your guildmates at 80% of their health can be helpful too.
However, I never liked that 2 of the virtues were completely attributed to the champ spawn system. Now, don't get me wrong. I like WHAT those virtues do. The justice protection is awesome for the extra scrolls and I wouldn't want to take those away from the champ spawn guilds. As well as the ability to start up the champ spawns. I just never felt that they should have been tied to the virtues. And they certainly don't result in any increase of personal ability. Valor and Justice are too tied in with game mechanics and not the lore of the Ultima virtues.
I think Honor SORT OF ties in with the original intention. You fight honorably, thus showing a commitment to the Virtue of Honor, and you are granted extra damage and luck. What I don't like about Honor is how it is so closely tied into the Bushido skill and the idea of "Samurai's Honor". The Code of Bushido is significantly different from the idea of Ultima's Honor Virtue, which is derived from the Principles of Courage and Truth.
"Honor is Courage to seek and uphold the Truth."
Now that being said, I don't think we will see a complete overhaul because that would involve finding a way to rename and reimplement the current Justice, Valor, and Honor game mechanics, on top of coming up with all new mechanics for all 8 virtues.
I should also say that I do not blame the current Developer Team for our lack of a completed Virtue system. I agree with the first part of your post.. the Virtue system was an idea by Devs who are long gone. While I feel the same sentiment as many do, and want to see a completed system, I also understand the current Dev Team's desires to create and work on their own stuff.