Ultima and Ultima Online are very different games, and the fans of each are different. I don't think an MMO can do what Ultima did, by its very nature.
No, but the game lends itself to it. =) But it's different from that, anyway. Ultima, I feel, is a game about you-the-player, whereas UO (and all MMOs, really) are games about you-the-collection-of-numbers.