No game that I know of can compare to UO.
Nowadays, MMORGPs are about grinding in dungeons and leveling up. In Ultima Online it was possible to become successful without having to level up more than enough to survive.
My main character could be described as a "real estate broker." I made millions in gold by finding vacant lots, placing houses and then selling them. It was a lot more satisfying and exciting than killing the same dragon over and over again hoping to get a rare item.
I haven't looked at Richard Garriot's new game, Shroud of the Avatar. Maybe it has a similar dynamic? I hope not for my sake.
edit = type-o.