Exult

Exult is an open-source project focused on the playability of Ultima VII and Ultima VII Part Two on modern systems. Their engine uses the original data files from the two games. They have also extended the original specifications in many excellent ways, as well as provided support for the creation of entirely original games based on the engine.

State
The project is currently in an advanced state of development. Almost all features from the original Ultima VII are supported and work similarily to the original. There are many releases available, but the newest snapshots are stable and contain the most features. The source code is available from SourceForge as snapshots and through Subversion.

New features
Exult features implemented so far that original Ultima VII didn't have:
 * Support for screen resolutions higher than 320x200, as well as windowed mode
 * High-quality antialiasing
 * Paperdoll support in The Blackgate
 * Many new cheats and gameplay options
 * Exult Studio which allows users to create their own games

Relationship with Pentagram
The goal of the project is similar to Pentagram; in fact, the projects share several developers. Pentagram could be viewed as an offshoot of the original Exult team.