My first thought was "How is this different from Exult?" (which is a relatively vanilla reimplementation of the game).

Some of the video segments here make differences clearer: https://www.youtube.com/watch?v=2mbJcOEwKJ4

While Exult basically matches the graphics of the original game, this is closer to "3D Ultima VII", with rotatable views and more interactivity in the game. It gives it what looks like a kind of voxel-ish look, mixing in original sprites with newly-modeled 3D objects.

Very excited about this project, U7 was my favourite game for a long, long time. These days we have BG3, and I'm dying for more of that.