OK so a buddy of mine convinced me to try it out, even though I never did play much of the original UO. I bought into the fall beta and I must say I am actually very impressed.
I would say if you have played UO and liked it, you will love this MMO. Got more or less the same kinds of mechanics (though the place to set up hotkeys was a pain to find at first). If you didn't like UO, then I'm not sure yet if this game offers enough to change anyone's mind.
If you never played UO or are like me and didn't play it much, well, if you like old school RPGs and in particular MUDs, I think you'll enjoy this. Also, it is open world PvP outside of the safe zones, and full looting like in the original UO if you die. So there is that too.
Anyone else have the chance to check it out yet?