It’s called Ultima Forever, and EA announced that it will be a cross-platform, free-to-play RPG developed by Bioware. It will be published under EA’s Play4Free label along with other games like Battlefield Heroes.
It will feature a cartoony look and there are two classes to choose from, the Fighter and Mage. You can sign up for the beta at UltimaForever.com. EA is claiming that “The first great Western RPG has been lovingly restored in Ultima Forever”, we will see how true that is when it’s launched.