http://www.u5lazarus.com/

They've already reached version 1.1, so I guess it's stable. Anyone tried it?

I like Ultima games, but I preffer playing the original to a remake. And also I have barely played to the fifth Ultima, and Ultima Worlds: Martian Dreams by the way.

They have been for years with this remake, and as far as I know it is the only one finished. There was one of Ultima 4 for Neverwinter Nights, but it didn't seem to work well.

And also there is the online version of Ultima 6 made by fans, which I tried some time ago.
http://www.geocities.com/galleondragon/

Here's an unfinished remake of Ultima 4 which seems to be more faithful to the original graphics-wise: http://xu4.sourceforge.net/.

That page remembered me of Exult, at http://exult.sourceforge.net/.

It allows to play both Ultima 7, but makes too many changes to the game motor for my taste.

What changes? As far as I understand, Exult is just an interpreter running the original game files.

The main noticeable changes are for the setups. It allows you to change graphics and sound related things, the combat, the control way... And adds too many things for being a program to help playing the game

Also the game motor seemed to be changed in some way, but it now may be repaired, and there bugs like being able to put something accidentally in a wall, losing it.