It doesn't look like it's been mentioned on slashdot in a while, so I might suggest checking out Darkfall. It's true that it has been in development for a long time, but it's currently in a sort of public-invitation-beta, and it's due to be released by the end of the year.

From everything I've read about it, it seems to be a lot like UO. PvP can take place anywhere, and it's full loot on death, but you're held accountable for your actions by a reputation system and there are NPC guards to protect you in the main cities (this is all exactly like EVE online too). It's also classless and level-less; your character is defined by what skills you choose (and your race to some extent), and there's a max number of points you can have for all your skills, which you can train and un-train at will. Players can make their own cities with their own NPC guards even who can be instructed on who to attack. Most items will be player created. The list of fun stuff goes on, but the biggest problem I foresee is in the area of polish, as it's made by a relatively small and new company. Then again they have been working on it for something like 7 years, so one can hope.