I met Lord British at E3 and he demoed Tabula Rasa for me. (If I'd had known, I'd have gotten him to sign my super-kawaii Famicom Ultima IV.)
The game's been in development for three years and looks very good. Four-person parties, full voice chat, no randomly-generated content, instantly teleport to any of your friends, everyone starts with a house, Chris Vrenna doing the soundtrack (it's space agey, tho, not goth rocky).
I'm quite interested in it. "Like PSO" is very accurate; both aesthetically and gameplay wise it seems to be aiming for that "action MMO" feel.