Well... it's definitely not a replacement for Ultima Online, that's for sure. Unless maybe they hired Grimm to do the art... that art I'm quite willing to bet is actually his.
What it does look like is probably a web-based or maybe as someone else has suggested, a 3DS-based revamp of the game.
As for it being real, well, if you go to Network Solutions, perform a WHOIS, you can see for yourself that ultima4ever.com is, indeed, registered to Electronic Arts. It jives with all of the Ultima 4 hosts being told to shove it.
As for it being successful: It's Electronic Arts. They should just cancel it now and save the cancellation in a few months.