Yes, that Ulima Online. Specifically, EA has announced that it's planning to create a new MMO "based on" Ultima Online for the Asian market. The game is to be developed by Hong Kong's NetDragon Websoft, which will be collaborating with Mythic Entertainment, the studio behind Warhammer Online. The game will be made available to China, Macau, India and Hong Kong, where NetDragon will hold the exclusive operating license.
It's unclear if the game will be entirely new, or simply a redesigned version of the nearly 12-year-old MMO (which is actually getting a new expansion this year), but Mythic's involvement certainly implies the former. Regardless, shoving out a new version of an estabilshed MMO is probably an easy way to horn in on a market that's currently bereft of World of Warcraft.