This was my intro to the series, and being the in the stereotypical "born with a keyboard and a mouse in hand" kind of person, (who still recalls using a shortcut from New Scorpigal to Dragonsand in Might and Magic VI: Mandate and Heaven) I had to taunt it the question: can you do better than Ultima IV?
This game can. I enjoyed it a lot. Sure, it has a villain, scripted losses, but the combat is all around fun, fast, the characters are adorable, the writing is quite smart (although I'm still curious about the original, not having a PS3 myself), and for the most part I didn't feel grinding levels or items was particularly tedious.
My only gripe is IF felt like a fifth wheel. She had more INT than STR, but practically no attacks to choose from, venom and paralyze are way too random and resisted way too often to be of any use, and her SP skills don't look that impressive for how much they cost. Oh, and no HDD combined with no endgame super-weapons that I know of. Too bad, she's a really good character otherwise.