http://www.80sgaming.org/ultima-parody/#download Get it at this address!

Hmm just reading the dialogue in the screenshots turns me off

it's meant to be a parody ......

Parodies are meant to be amusing, didn't see evidence of that there

I suspect I need to actually play Ultima IV before I start with the parodies....

Hmm.. intro backgrounds from U6, IIRC, and the game itself looks identical to U5.
Interesting idea, but I think I'll pass.
I'd much prefer to see the series revived by RG, starting from the beginning with shiny new graphics...

Unfortunately RG seem obsessed on MMO's of late so if he'd be given hands on Ultima series, he would probably try to create another Ultima Online game instead or remaking the series or continue it. And considering 2 UO sequals have have already flopped, I don't think EA could stomach the third attempt.
Also even if RG would remake the series (1-3 would need to be completely remade imo) most of us probaly would be majorly disapointed at the results. We don't need more 1st/3rd preson or diabolesque hack&slash "RPG's".

Bah, speak for yourself!
Gief moar hardcore H&S RPG's!