> Out of curiosity, has anyone made an MMO better than UO yet

No.

EVE comes close. In particular, it actually surpasses UO in many ways, like a complete player-based economy. Almost anything you could ever need or want is crafted by players. There are 'loot drops', but ones that are actually better than what players can craft are rare. And are sold in the market.

Similarly to UO, death has consequences. You lose your ship, everything on it, all cargo. There's 'insurance', but it will only pay for the 'market price' of the ship. You yourself may have paid more (but usually not less, otherwise people would build and destroy ships to claim insurance).

EVE also has skills, much like UO. Unlike UO, those are 'trained' over time, not by usage. But there are no 'levels' and for the most part there aren't any ships which are 'better' for any role. An unprepared battleship can be destroyed by a couple of fast moving frigates that cost a tiny fraction of resources and skills to pilot. One that's fitted against small fighters will suck against other battleships, and so on.

Like Ultima Online, movement is very important in combat. In EVE, even more so, due to gun tracking(and how missile explosions work). This is the main reason why the battleship scenario above works.

EVE also has forms of 'housing', as in player made starbases, corporation offices and apparently stations now.

EVE has consumables. Other than laser-based weaponry (mostly Amarr), you have to buy ammo. Like casting spells in UO requires reagents. WoW has very little consumables, and you certainly can cast spells all day long.

It also has a very 'lawless' world. Some systems have no security response at all, others will have delayed response depending on the security rating. Just like UO, if someone really wants to kill you they can, although there may be consequences.

Unlike UO, there are no 'shards'. Everyone is on the same server (or more specific, cluster). Even 'instancing' (used for NPC missions) is part of the universe, you can join the instance if you have the location(or can scan).

So, EVE has very deep and detailed systems, to the point that people used to call it 'spreadsheets in space'. But I can't directly compare it with Ultima Online – mostly because they are quite different games, thematically. One is a fantasy world full with dragons and spells. The other is a very futuristic and highly advanced space game.

WoW... is entertaining. Has amazing and detailed lore (although EVE's is good, it's not even in the same league). Locations can be such an eye candy. Even boring 'collect item' quests can be very entertaining.

Have I mentioned how quests can be entertaining? Because there are some incredible ones.

World of Warcraft also has 'classes'. Which is again a completely different philosophy from either UO or even EVE. Take a Mage. Maybe it will be specialized as a 'frost' mage. No matter, two frost mages at the same level will have the exact same skills and spells. Equipment may change, but it is not like they will have a bow, they will just have different stats.

But WoW suffers from a very simplistic gameplay. You have 'levels' – which will immediately set it apart from Ultima Online. You have also lots of skills. Using them effectively and timing them is important, but in the end it's just about selecting a target and pressing a few function keys(this is actually something that it has in common with EVE, except for the role of movement and position in EVE).

Death is essentially meaningless in WoW. You don't lose any items. You may have to pay repair, but that's it. Compare to UO: you drop everything you are carrying – you can try to get it back, but someone (or something) may get to your corpse before then. Or EVE, you lose your ship, items, equipment and even skills if you can't GTFO with your pod and forgot to update your clone. PVP in either UO or EVE is much more of an experience than WoW. And in either game you won't necessarily have a level 100 one-shotting a level 10 character.

Ok, this is already too long, but I could contrast even further. But WoW is more popular for a reason: one can log in, start a queue for a dungeon, go complete some quests and have _guaranteed progression_. While on EVE, there were a few days where I logged in and got incredibly lucky, but in other days I wished I didn't login, as things went very badly. Similarly on Ultima Online. On both, you learn a few rules: trust noone, don't carry(or fly) what you can't afford to lose, etc.

I'm keeping an eye on the likes of Ark, they might be onto something. I still think that good MMORPG games will have to develop a mostly player-based economy if they want to stay relevant long term.