I'm half and half on this. I'm glad for the guy that he was able to make the pledge amount so he can get the game out there that he wants to make, but at the same time, with whats being shown so far, I am not impressed, with the visuals and what was shown so far anyway, as it wasn't really anything that has not been done already in other titles.
Also, given the game is not finished, but I got the feeling I was looking at Direct X 8 visuals from 2002, and at one point was a little surprised to see they ripped off a scene from the 3D Mark 2000 demo (rune scene with stones in a circle and the energy orb in the center). When pc gaming is concerned, I would at least expect visuals that can hold up to anything done by at least 2008 on up, and would rather hope for something that can match anything released within the last year. I think whats going to take place here is a Richard's battle to stay relevant in the current PC RPG market (going up against Dragon Age, Fallout, WOW, Fable, Dark Souls, etc). This will not be a easy battle.
Also, they listed titles his crew had worked on prior. In that list are a couple of real duds and downright broken games. I still shudder when I think about DarkVoid for Pc.... At any rate, story and the over all experience was always the strong point for Ultima, so hopefully if nothing else, then this new game will deliver on that aspect 100 percent. Hopefully they take their time with it and don't get pressured into doing a early release that has issues.