While Exult basically matches the graphics of the original game, this is closer to "3D Ultima VII", with rotatable views and more interactivity in the game. It gives it what looks like a kind of voxel-ish look, mixing in original sprites with newly-modeled 3D objects.
The 0.1.0 release video also has addition segments about feature improvements [1] with some examples of the 2D to 3D conversion process that are quite impressive.
[1] https://youtu.be/Nmy4ClXXI84?t=25 0:25 to 0:40 has a bunch of the small scale objects being replaceable, rotatable, and animatable in 3D.
[1] https://youtu.be/Nmy4ClXXI84?t=48 0:48 to 1:06 has bulk replacement of scene objects with personally chosen substitutes. (3D rotatable)
With the current state of the engine, and the extensive personal editing features, much like the comment from VariousPrograms, it could be used as a platform for doing other games, modified quests, and multi-player MMO style games.
Some of the video segments here make differences clearer: https://www.youtube.com/watch?v=2mbJcOEwKJ4
While Exult basically matches the graphics of the original game, this is closer to "3D Ultima VII", with rotatable views and more interactivity in the game. It gives it what looks like a kind of voxel-ish look, mixing in original sprites with newly-modeled 3D objects.