The game was announced earlier today via the new official website for the title that went up earlier today. As such, details are still relatively light, however Bioware is already trying to still the gaming community's beating heart by assuring us that this is not a new MMO. It is rather a normal RPG set in the Ultima universe.
Players can choose to play as either the Fighter or the Mage on either an iPad or PC. It's not 100% clear what type of cooperative play will be offered, but it does seem like there will be online co-op available with the website reading, "travel alone or with friends, restore virtue and become the avatar!" However, it's possible that could refer to in-game "friends."
As of now, that's pretty much all we know. The website is currently accepting beta sign-ups.