G'day Ziroc, long time no post! Glad to see Ironworks is still around...some of the best post archives are still here thankfully!
This is amazing news, is it not? It really made my week last week to hear about this. It truly put a big stupid dungeon crawling smile on my face.
Here's a youtube clip of Paul discussing the concepts of Underworld with PCGamer. Well worth the listen!
http://www.youtube.com/watch?v=6sh_DY28wl4
It's a shame we didn't get to see Arx Fatalis 2, but with Underworld returning to the fold, perhaps we'll finally see a return to the highly immersive, environmentally interactive, fully underground dungeon crawler. UU and UU2 are two of my favourite games of all time; had a blast with them during my university years.
For me, it'll be very interesting to next hear how Paul and his team intend to create the content and tie in setting and lore to the new game, since it's unlikely they'll get the Ultima trademark to allow direct continuity that way with the series.
At this stage, I'm thinking something like Thief meets Dark Messiah meets Arx with the choices of say Dishonored.
In any case, it's going to be great to hear more about their project.