This remake was one of the most promising remakes, along with Ultima 1 - A Legend is Reborn and Ultima 5 - Lazarus. A demo was promised in December 2001, but it was never released, as the team kept insisting on adding features and postponing the release to when there were enough features.
The site unexpectedly went down in September 2004, and a farewell notice was posted on the 17th of the same month:
The Ultima IV: The Dawn of Virtue project was started in 2001. After nearly three years of communication with Electronic Arts Inc. to seek legal permission for the project, they have told me they cannot grant it. Therefore, Ultima IV: The Dawn of Virtue is canceled and the project is closed.
I am extremely disappointed with this turn of events. Ultima IV: The Dawn of Virtue was a project I was very passionate about and on which I had worked arduously.
Espoo, Finland, September 17, 2004,